Research and development(R&D) tax credits are HMRC’s way of rewarding businesses for their hard work in innovation. There are still some misconceptions about R&D tax credits with many businesses not realising that they could be eligible for thousands of pounds from HMRC.
Here, Graham Tidd, business development executive at R&D specialists Access2Funding, explains some of the basics of R&D ahead of their ‘Could R&D Tax Relief be a Cash Lifeline for Manufacturers?’ workshop at SMAS later this month.
“Access2Funding launched the Scottish branch of the business in March 2020 and our team has grown significantly with demand over the past year or so. We cover all four corners of the country and the wider team is spread across the UK.
“Why has the growth been so exponential? To answer that simply - demand has been high! Businesses are beginning to learn a lot more about R&D tax credits and are benefitting massively. For many, our services in the past year have been a much-needed lifeline for the business in particularly uncertain times. For others, they’ve been lucky enough to use the funds that they’ve had returned to pay off corporation tax bills or to invest in new equipment or staff. Although demand is growing – we still believe that there’s learning and educating to be done and that’s where we come in!
“As manufacturers, your day-to-day activities are often innovative and there’s every chance you may be sitting on some hidden funds within the business.” Graham continues: “During our workshop we will outline the criteria for R&D and go into more details about how the process works. It’s much simpler than many realise.”
Access2Funding’s session will highlight manufacturing businesses that have benefitted from HMRC R&D tax credits, examining and highlighting real life business case studies.
To learn more please join our workshop at 11.30am Wednesday 16th June or visit our virtual exhibition stand anytime throughout the conference.