Summary:
Who We Are
RDI Solutions is one of the UK’s leading tax incentive and innovation management advisers – with experts and industry specialists, we manage over 120 million pounds of tax incentives annually for a broad range of UK based clients, including some of the world’s best-known brands.
What Are R&D Tax Credits?
Research and Development (R&D) tax credits are a government incentive in the UK designed to encourage businesses to invest in innovation. These tax credits allow companies to claim back a percentage of their R&D expenditure in the form of a reduction in their corporation tax bill.
The amount of the credit varies depending on the size of the company and the nature of the R&D project. R&D tax credits can be claimed by companies of all sizes, in any sector, as long as the work they are undertaking is compliant with the BEIS Guidelines, RDI Solutions’ In-House compliance team are here to identify whether these projects are in correlation with the BEIS Guidelines.
As specialists in R&D tax credits, our advisory team is dedicated to keeping up with the most recent regulations established by HMRC. With their continuous efforts, you can feel confident in the expertise and accuracy of the advice they offer.
We provide customised guidance and support throughout the R&D tax credit claim process, tailored to each client’s individual needs and our objective is to simplify the R&D Application Process therefore, making the application less time-consuming for our clients so they can continue with their day to day business.
Our team of 100+ sector specialists understand the unique challenges and technologies used in a wide variety of industries.
We are committed to adhering to ethical standards and industry regulations, with the goal of fostering trust and confidence in our clients and establishing long lasting relationships.
The UK government has instituted R&D Tax Credits as a way to stimulate innovation among businesses. By offering these credits, the government aims to encourage companies to embark on projects that will promote innovation within their sector contributing to economic growth.
The UK’s R&D Tax Credit system incentivises companies by recognising the costs associated with their R&D efforts. These costs may include staff expenses, consumed materials, sub-contractor costs, software, and other relevant outlays. The credit amount a company can claim is determined as a proportion of their total R&D expenditure for the year. SMEs can receive a more favourable credit rate of 130%, meaning they can claim back £130 in tax credits for every £100 spent on R&D. For larger companies, the credit rate is lower at 11%.
Claims for R&D Tax Credits are submitted through the company’s corporation tax return and must be backed by documented evidence of R&D expenditure, such as invoices and contracts. In addition, companies can claim credits for subcontracted R&D and for certain R&D spending on software.
For further information, please contact Nikolas Robinson at RDI Solutions Ltd.