R&D Tax ReliefsClaim support & advice

R&D Tax Relief is a generous incentive for innovative companies, currently worth around 21.5% of qualifying R&D expenditure for SMEs.

What are R&D Tax Reliefs?

Whether your company is big or small, old or new, or makes a profit or loss, you may be able to reduce your corporation tax bill or receive a payable cash credit. R&D Tax Relief is one of the most significant government-backed reliefs available today, but many companies do not realise they qualify.

R&D Tax Reliefs are changing

In November 2023, the UK government announced that the current SME and RDEC schemes will be combined into a single R&D Tax Credit scheme. This will take affect for accounting periods beginning on or after 1 April 2024 and will adopt the existing RDEC rate of 20% For loss-making entities in the merged scheme, the notional tax rate will be reduced from 25% to 19%.

For more information about the incoming changes to the scheme, read our full Autumn Statement summary.

 

Scott burkinshaw of Shorts

Radius Services

  • SME Scheme
  • RDEC Scheme
  • Patent Box
  • Support for Accountants
  • R&D Allowances

SME Scheme
R&D Tax Reliefs

The SME scheme is a valuable resource for smaller companies looking to invest in R&D and can provide generous tax savings for those who are eligible. It is currently worth around 21.5% of qualifying R&D expenditure.

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RDEC Scheme

RDEC Scheme
R&D Tax Reliefs

The RDEC scheme allows larger eligible companies to claim a tax credit worth up to 20% of their qualifying R&D expenditure and a net tax saving of 15% (since 1 April 2023).

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Patent Box

Patent Box
Tax Relief

HMRC’s Patent Box Scheme enables qualifying companies to pay a lower effective Corporation Tax rate of 10% of profits from patented products or processes.

Radius will lead you through this process with clarity, authority, and efficiency, quickly determining your eligibility to claim, and dealing with all relevant calculations.

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Support for Accountants

Support for Accountants
R&D Tax Reliefs

With increasing levels of scrutiny and more compliance checks being exhibited by HMRC into R&D Tax Relief claims, Radius has also seen an increase in requests for consultancy work to provide advice and guidance to accountancy firms who have completed claims for their clients or provided advice.

The Radius team’s new area of support focused primarily on providing qualified, tailored advice and support to accountancy firms conducting R&D Tax Relief claims.

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R&D Allowances

R&D Allowances

Research & Development Allowances (RDAs) are often overlooked, but are an extremely valuable relief. They provide 100% tax relief in the year of acquisition, for capital expenditure incurred for the provision of R&D facilities or expenditure on capital assets used by employees carrying out R&D. 

We strongly advise any company engaged in qualifying R&D activities to consider RDAs to ensure they are not missing out on this relief. 

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SME Scheme

Latest R&D Insights

The benefits of claiming Patent Box tax relief

The Patent Box regime encourages companies to retain intellectual property (IP) and the corresponding valuable jobs and associated economic benefits in the UK by offering a reduced rate of tax on profits derived from qualifying IP.

R&D Tax Reliefs: The Dos and Don’ts for Accountants

Accountants are facing greater R&D tax relief challenges than ever before.

New HMRC stats show Patent Box is underclaimed

A series of recent announcements have shaken up the UK’s R&D Tax Relief scheme in a big way, with a new combined R&D Tax Relief scheme on the horizon and other changes to the claims process.

13 proven ways to reduce Corporation Tax – Updated for 2024

Autumn Statement 2023: R&D Tax Relief Changes

On November 22nd 2023, the Chancellor of the Exchequer, Jeremy Hunt, delivered his Autumn Statement, outlining several changes to UK tax. Particular emphasis was placed on business, and the R&D Tax Relief schemes received a lot of attent

Who can apply for R&D Tax Relief?

In order to claim R&D Tax Relief, your activities must meet HMRC’s definition of R&D – however, this includes more than you may think.

  • Your project must firstly relate to your company trade, whether current or future.
  • Your project must have attempted to achieve an advance or an appreciable improvement in science or technology.
  • Your project must also have attempted to overcome technological or scientific uncertainty.
  • Your project may not have been easily worked out by a competent professional in the field.

It costs nothing to find out if you qualify, so check your eligibility today, or get in touch if you want to talk to an expert about your R&D activities.

Examples of qualifying R&D projects

  • Electronics company manufacturing innovative display equipment.
  • Software developers producing ground-breaking new software.
  • Steel heat treatment companies automating and refining processes.
  • Chemical manufacturers developing new compounds.
  • Engineering companies developing high performance components.
  • Animal feed manufacturer developing new health products.

These are just a handful of examples where we have helped companies claim R&D Tax Relief successfully. You can learn more about the wide range of activities, industries, and business types that we have helped in our free Case Study Guide.

R&D Tax Reliefs done properly

Robust R&D Tax Relief claims, prepared and maximised by specialists with minimum disruption to you.

Maximum Value

Some firms have tax generalists preparing R&D Tax Relief and Patent Box claims. Our team are full-time specialists.

Our processes and proactive ethos ensure that we systematically consider every possible way in which claims can be maximised within legislative parameters.

This means that we are uniquely equipped to maximise your claims, often using creative solutions in conjunction with our tax and accounting colleagues.

Being part of Shorts enables us to offer broader, more comprehensive services than other R&D tax relief advisers with a narrower focus.

Maximum Reassurance

HMRC has started cracking down heavily on historic and current error strewn R&D Tax Relief claims.

Some R&D Tax Relief advisers aren’t suitably qualified to prepare robust claims or they push the boundaries way beyond what is eligible.

Radius claims are prepared by highly qualified and experienced professionals who specialise in R&D and Patent Box Tax Relief claims. We have detailed quality assurance processes to ensure claims are fully optimised and compliant. All claims are reviewed by an ex-HMRC R&D tax inspector before submission.

Radius is a division of Shorts Chartered Accountants, a regulated and award-winning firm of accountants with over 130 years of heritage of doing things properly.

This heritage drives our focus and pride in providing technically excellent claims.

Minimum Fuss

Our carefully structured, process driven approach aims to make preparing your company’s claim as easy as possible for you.

Wherever possible, we’ll interview your team and prepare the claim from their answers – they just need to talk to us. Where we do need financial and other information, we’ll try to ask for it all in one go and keep it to a minimum.

This is all intended to avoid your team having to try to interpret rules and explain why activities qualify.

You can also download our checklist as a printable document

 

 

How the Radius team has helped clients secure R&D Tax Reliefs

R&D Tax Relief Case Studies

  • Case Study

    Gala Technology

    Radius take on the onus of the claim for us, making sure that there’s nothing we’ve missed whilst maximising the claim. Preparing our claims with Radius has given us peace of mind that we are claiming all relief entitled to us, in line with HMRC’s rules.

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  • Case Study

    Evoluted

    Shorts take all the hassle away. We can just sit down and talk to you about it, and you do the rest. We have a conversation and you draw out the pertinent information.

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  • Case Study

    Airmaster Air Conditioning Limited

    I have been really impressed with the service and expertise offered by Shorts’ Radius in this area, and their ability to quickly assess our eligibility to claim. From start to finish, the whole process was extremely straightforward and I would recommend anyone who is thinking about claiming R&D.

    Read more
    lisa pogson airmaster

THE RADIUS TEAM ARE ALL FULLY QUALIFIED R&D SPECIALISTS, NOT GENERALISTS, MEANING THEY ARE AT THE VERY FOREFRONT OF R&D TAX RELIEFS.

Meet the Radius team