Transform your business with R&D Tax Credits

With UK tax initiatives for Research and Development (R&D) available, companies have the opportunity to soar. Start taking advantage of the tax incentive by exploring innovative ways to improve your products and services. And you don’t need a lab coat to benefit from this tax relief…

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What is R&D Tax Relief?

R&D Tax Relief is designed to encourage businesses to invest in innovative products and services to boost the economy. Companies that qualify could be granted a 230% tax relief and even a tax refund.

If you’re a small business, you might think ‘Is it worth it?’ or ‘I’ve never had to pay corporation tax and yet to make a profit’, but the answer is yes! This relief can be taken as a cash payment and/or Corporation Tax reduction.

Get the credit you deserve

Not all accountants are R&D Tax Specialists and even if they are familiar with the scheme, it’s difficult to identify an innovative project simply by reviewing a business’s accounts. That’s why you’re always best talking to an accountant that has R&D Tax experts in-house (like we do) or partners with an R&D Tax Consultant.

What qualifies for R&D Tax Relief?

The words ‘research’ and ‘development’ can scare a lot of business owners off, with many thinking they don’t qualify for the incentive. But R&D doesn’t have to be as complicated as some would think.

Here are some examples:

  • Creating a new product – Have you designed something completely original? Perhaps you discovered a way to improve a product and spent time and money on prototypes.
  • Developing a piece of software – Have you introduced a solution to streamline your processes or achieved a goal that other competitor software could not?
  • Creating automation between systems – Perhaps you found an innovative way to challenge the way your business operates, improving efficiency and productivity. However, this cannot be readily available on the market.

Reviews

I have always found Sapphire to be pro-active rather than reactive in their approach to customer service. They are always really flexible to my changing needs and have helped me massively with complex area’s of international taxation. Nothing is ever too much trouble and I’d gladly recommend my friends, family and colleages to Sapphire.

Lee and the team at Sapphire have been looking after our accounts and tax affairs since our incorporation in 2016. Nothing is too much trouble for the Sapphire team, our calls and emails are answered straight away and they have helped streamline our internal finance systems on Xero, giving us faster access to real time numbers and making it easier for us to make strategic decisions.

What I find most refreshing about Sapphire is the wide range of specialisms, from basic payroll to complex business re-structuring there seems to be always someone on hand to help. We have built up trust with Lee & Mark and the team over the past 7 years and we see Sapphire as our finance business partner, not just an external firm of accountants.