Who we are
Credere Solutions help innovative businesses like yours to claim R&D tax credits. Enabling your business to reduce or wipe out corporate liability tax. Giving you a cash injection to reinvest in the growth of your business. Providing extra funds to increase your workforce, purchase capital items and build new assets.
R&D Information and Review sessions.
The guidelines under this legislation do change quite regularly and may feel complicated to work through. Start-up businesses are often unaware of what constitutes R&D, often so are established businesses. The government has an ambitious target to raise total investment in research and development to 2.4% of UK GDP by 2027. R&D tax reliefs have a key role in incentivising this investment by reducing the costs of innovation.
The area of Cloud Computing
The government want to incentivise and support businesses undertaking R&D in the cutting edge field of cloud computing. However, this will not commence until April 2023 for businesses working in this field.
Subcontracted work is changing too
In order to maximise the benefits of claiming R&D tax relief in the UK, there will no longer be any spill over of R&D Activity carried out abroad which will be claimable. The rules vary for subcontracted work
Tackling Abuse and improving Compliance.
Claims which have not been made through a specialist organisation have for a long time now ‘held up the system’ as they may not have been constructed compliantly. Going forward all claims must be made digitally with a full break down of costs across all qualifying categories and provide a description of the R&D activity carried out. Each claim will need to be endorsed by a senior officer in the company. This has been practiced with specialist teams for many years already.
Why was this initiated?
This introduction is to protect the R&D scheme from abusive and/or fraudulent claims. Although this is a positive move to manage fraudulent claims, the cap will reduce the R&D tax payments for thousands of UK businesses.
A PAYE Cap started in April 2021
Loss-making companies will be affected by the cap as it affects claims for R&D tax credits which are only available to companies that surrender a financial loss. R&D tax relief / rebates which reduces the amount of corporation tax owed by profitable companies is not subject to the cap.
- Firms with few or no staff members
- Businesses where Director’s pay themselves a small salary
- Companies with a high number of subcontractors
De-mystify Research and Development Tax with a 1hr Consultation with Beverly.
Whilst not a specialist, Beverly works with the specialist team and is the first port of call with clients prior to referral to the Tax specialist. You are now able to book in an hours consultation for £100 BBX to establish your companies position and discuss your options going forward.
For more information speak with Beverly on 07813040670 or email beverly@crederesolutions.co.uk
Alternatively speak with Juan at BBX on 01395642387 or email Juan.Harris@bbxworld.com
