Information Technology Company - R&D Claim

Incorporated in 1990 and based in West Sussex, the client develops bespoke, real-time, payment solutions for merchants processing transactions on credit & debit card terminals. 

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Research & Development Tax Credits

Morris Crocker were asked to assist with an research and development claim in relation to a project the company had been undertaking to develop their underlying systems.

What we did:

An initial meeting was held with the Managing Director and Finance Director. A brief overview of the project was discussed to establish whether a claim would be possible, explaining the requirements to qualify as well as the qualifying costs and potential tax credits.

We then got to work, discussing the project at length with key technical members of staff and identifying the precise costs that would qualify for relief. A report was produced that included all the key information that would be required by HM Revenue & Customs.

When all parties were satisfied, the report was submitted to HM Revenue & Customs along with the company tax return, claiming a tax-free cash credit of almost £27,000. This represented approximately a quarter of the initial expenditure and a significant cash flow advantage to the company.

The work did not stop there, however. After submitting the return, HM Revenue & Customs had not responded within their specified timescale of 28 days, so we made weekly enquiries chasing up payment of the credit until it was finally paid.

Research & Development (R&D) tax credits are a way of incentivising companies through cash credits or reduced Corporation Tax bills to develop new products, processes or services in an effort to drive UK economic growth. The most attractive rates of relief are particularly aimed at SMEs, yet many of these companies who do qualify are not even making a claim.

The rules as to whether a claim is possible, as well as how much relief to claim, can be complex. However, having the skills of specially trained staff like ours make the process as straight forward as possible. We will help assess whether a project can qualify for relief, calculate the qualifying expenditure and subsequent tax relief and submit the figures to HMRC together with a report explaining why the project qualifies.

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REF: MC/RQ/1.6

We have removed the client's name from this case study to protect their identity.

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