Faq – Daniel James Tax

Frequently Asked Questions (FAQs)

Below you can find our FAQs. We’ve tried our best to cover all aspects, however, if you still have any inquiries, then don’t hesitate to contact us.

In 2000, the government introduced the Research and Development relief to inspire businesses in the UK to invest and improve the fields of Science and Technology. In this strategy, businesses from different sectors are given the chance to claim back some of their spendings for advancing innovations. You can read a more detailed explanation here.

UK companies can be eligible for this scheme if they have certain R&D projects that are running and designed to advance scientific or technological processes, products, or services.

The first thing that you have to do is to book a telephone consultation. Once it’s done, one of our expert teams will chat you and will go through your business as well as check your potential qualifying R&D activities. There is no need to worry if you are not sure what qualifies. In order to know, we have to ask you the right questions.

  • We will do all the paperwork for you.
  • Take advantage of our experience and expertise to get the best possible result.
  • You can receive the money quickly and effortlessly if you are eligible.
  • Enjoy outstanding service from our expert team.
  • Best of all, you only have to pay us if your claim is successful.

Telephone consultation – A member of our expert team will have a chat with you regarding your business as well as its potential qualifying R&D activities. There is no need to worry if you are not sure what qualifies because we know how to find out. All we have to do is ask you the right questions.

Preparing your information – After the call, we are going to gather all your information together. We are an expert in working in this area. In other words, we know what HMRC are searching for, so we can guarantee you that we have all the things they require to make the claim successful.

Submitting your claim – We are using a comprehensive service which is comprised of the technical write up so we can guarantee that your claim is submitted accurately. You don’t have to deal with HMRC since we are going to do this on your behalf.

Obtaining approval – Commonly, claims are approved within six weeks and we intend to give you the refund on the same day we receive it. You will only be charged if the claim is successful.

The size of your company can affect how much you can claim for. For SMEs, they can claim approximately 14-33% on any costs provided that it is eligible. Under the Research and Development scheme, big companies can avail a credit amount of 8.8%.

Research and Development is a government scheme which intends to support companies that conduct innovative projects in science and technology. A variety of businesses can potentially make a claim as long as they perform research and development to improve or advance.

Unfortunately, the Research and Development Scheme cannot be availed by all businesses in the UK. You can only claim it if you are a limited company.

Nevertheless, if your business is planning to do lots of research and development, then going limited can be very advantageous. This is something that we recommend to those who have businesses.

Sadly, they cannot. Only those companies that are subject to Corporation Tax such as limited companies are eligible to claim Research & Development Tax Credits.

R&D Tax Rates can vary depending on the size of your company. SMEs are classified as companies that have less than 500 employees and are allowed to claim a higher percentage compared to bigger companies.

You are allowed to make a claim for any eligible costs as long as it is made during the previous two years of your company’s accounting years.

In order for your Research and Development projects to qualify, there are certain criteria that should be met. This includes researching and developing methods to overcome technological improvements in Science and Technology. This involved generating new or existing processes, products, or services.

Absolutely, the concept of R&D is to reward businesses for their innovation projects, not only the completed and successful ones.

Yes, keep in mind that the purpose of this scheme is to motivate businesses to generate projects for innovations. It’s all about the investments made by companies in developing new or improving existing processes, products, or services.

There are three different ways that you can receive payment for your R&D Tax credits. Either through a Corporation Tax rebate, cash credits, or an expenditure that you may take forward against prospective profits.

What we need from you is just a copy of your CT600 and accounts.

After we receive all the necessary information, we will submit your claim right away within 1-2 working days. Once HMRC has received the documents that we’ve submitted, then most likely the payout will take within 4-6 weeks.

This is possible. However, most likely this is just a request for more information and we can handle this on your behalf. Take note that we have a 100% success rate so even if HMRC will get back to us to ask a few questions, we have never encountered a claim that was rejected.

Ready to start your claim? Click the button below to get started.