How to Claim R&D Tax Credits
with Michael Newnham, Quantum R&D Tax LtD
Can your vegan company claim back thousands from your Government for the research or product development your company may have done? And before you say your company doesn’t do R&D – don’t be too quick to jump to that conclusion. Just veganising a recipe for your food product can be classed as R&D and you can claim money back from the government for doing it. Developing an app or a new computer system is R&D, developing a new material or more environmentally conscious packaging for your product is all stuff that your business might have done and there’s a good chance that you can claim back on those costs. Lots of countries have these schemes including the UK, America, Australia and many European countries also run similar programmes. So to talk about this topic in a lot more detail, we are joined by Vegan Business Tribe member Michael Newnham, who is the Technical Expert from Quantum R&D Tax Credits Ltd to find out what you can and can’t claim for.
In this session:
- Which companies can and can’t claim R&D Tax Credits (you need to be a Limited company if claiming in the UK for example).
- Which countries other than the UK run similar schemes.
- What actual costs you can claim for, including salaries, sub-contractors, material costs and utilities.
- What R&D activities you can claim back for – from trying to improve the shelf life of your product to creating a new app.
- How many years you can go back to make a claim.
- This is not a tax rebate, this is an actual cash award. It doesn’t matter if your company has made profits or not.
- Why if you are wanting to claim for digital projects, you need to show that there was ‘technical uncertainty’ before you started out.
- How improving your company’s environmental sustainability may also count towards a claim.
- What information needs to be collected to make a claim.
If you want to find out if your company would be eligible to claim back for it’s research and product development, have a chat with Mike at: www.quantumtax.co.uk