R & D Tax Credits Made Simple
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R & D Tax Credits Made Simple

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- GGTC are specialist in this area and have managed to obtain over £30m for over 350 businesses. ...

- GGTC are specialist in this area and have managed to obtain over £30m for over 350 businesses.
- GGTC are the largest filers of SME claims in the UK.
- GGTC will cover enquiries from HMRC at no cost.
- 97% of claims GGTC have submitted have gone through as they were
- GGTC have a 100% strike rate
- GGTC have a very close working relationship with the HMRC Tax inspectors
- GGTC will provide you with advise on future R&D related projects
- GGTC are able to provide an all-inclusive service where we handle your claim process from start to finish.

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R & D Tax Credits Made Simple R & D Tax Credits Made Simple Presentation Transcript

  • Government Grant & Tax Consultants R&D Tax Relief Overview 10/10/2013 10/10/2013 A member of the Experience Group A member of the Experience Group
  • Government Grant & Tax Consultants “Money won't buy happiness, but it will pay the salaries of a large research staff to study the problem.” Government Grant & Tax Consultants Ltd., 21 Verulam Road, St. Albans, Herts, AL3 4DG Tel. 01727 738600 Fax 01727 738609 www.ggtc.co.uk Registered England 5852134 - This document and it's content is copyright of GGTC © 2011. All rights reserved 2
  • Government Grant & Tax Consultants R&D Tax Credits “The biggest single Government funding scheme for business”  £1.2bn was given back to UK companies during 2012-2013.  Over 12,000 companies benefited in the last financial year. An est.90% of eligible SME’s have not claimed The avg. annual SME claim is £43,000 p.a. Straight to the bottom line of your business Government Grant & Tax Consultants Ltd., 21 Verulam Road, St. Albans, Herts, AL3 4DG Tel. 01727 738600 Fax 01727 738609 www.ggtc.co.uk Registered England 5852134 - This document and it's content is copyright of GGTC © 2011. All rights reserved
  • Government Grant & Tax Consultants R&D Tax Credits “Research is creating new knowledge.” The scope of qualifying R&D activity is broader than most think From projects seeking to achieve an advance in science and technology, to activities that make an appreciable improvement to an existing process, product, material, device or service through scientific or technological changes.  You can recover cancelled or failed project investment costs. Loss making companies can claim as a cash credit or offset against future profits. 95% of the companies we talk to didn’t realise they qualified, until we identified claimable activity. Government Grant & Tax Consultants Ltd., 21 Verulam Road, St. Albans, Herts, AL3 4DG Tel. 01727 738600 Fax 01727 738609 www.ggtc.co.uk Registered England 5852134 - This document and it's content is copyright of GGTC © 2011. All rights reserved
  • Government Grant & Tax Consultants R&D Tax Credits “If we were certain of the outcome, it would not be called R&D would it?” For the SME market, the net cash benefit is unprecedented   Avg. annual claim is £43,000. A potential £129,000 cash injection for your business. Paid c.42 days from claim filing. Claim every year with qualifying activity. If you already claim? are you confident you are receiving your full entitlement? Government Grant & Tax Consultants Ltd., 21 Verulam Road, St. Albans, Herts, AL3 4DG Tel. 01727 738600 Fax 01727 738609 www.ggtc.co.uk Registered England 5852134 - This document and it's content is copyright of GGTC © 2011. All rights reserved
  • Government Grant & Tax Consultants R&D Tax Credits    You probably qualify if you are: • A UK Ltd Company, trading 12 months or more, with PAYE staff. • You do not have to be paying corporation tax  AND do ANY of the following • Develop new or regularly change the way you make your products or employ any staff with a technical or scientific background. • Develop software, IT solutions or products in-house. • Develop and improve manufacturing processes or services. • Develop or appreciably improve products, materials or devices. • Develop samples, prototypes or undertake testing Government Grant & Tax Consultants Ltd., 21 Verulam Road, St. Albans, Herts, AL3 4DG Tel. 01727 738600 Fax 01727 738609 www.ggtc.co.uk Registered England 5852134 - This document and it's content is copyright of GGTC © 2011. All rights reserved
  • Government Grant & Tax Consultants R&D Tax Credits   What is a technological advance? NEW TECHNICAL KNOWELEGE APPRECIABL E IMPROVEMEN T “Not readily available or readily deducible by a competent professional working in the field.” •Was it hard? •Tell me Why? NEW CAPABILITIE S •Could your competitors easily do it? •Can you find the answer on Government Grant & Tax Consultants Ltd., 21 Verulam Road, St. Albans, Herts, AL3 4DG Tel. 01727 738600 Fax 01727 738609 www.ggtc.co.uk Registered England 5852134 - This document and it's content is copyright of GGTC © 2011. All rights reserved
  • Government Grant & Tax Consultants R&D Tax Credits   A successful claim is based on its technological or scientific merits & is not something that can easily be performed solely by the company/ Finance department or by their accountants in isolation, unlike many other aspects of company tax. The scheme itself is complex and resource intensive When Government introduced the scheme it decided HMRC would not employ scientists or engineers to assess claim validity. Their idea was that the technical staff performing the R&D or innovation would be the ones best equipped to make the assessment as to what actually qualifies for R&D Tax Credit relief. Government Grant & Tax Consultants Ltd., 21 Verulam Road, St. Albans, Herts, AL3 4DG Tel. 01727 738600 Fax 01727 738609 www.ggtc.co.uk Registered England 5852134 - This document and it's content is copyright of GGTC © 2011. All rights reserved
  • Government Grant & Tax Consultants R&D Tax Credits   Job Title PAYE staff or Subcontractor % Time on Qualifying R&D Activity Qualifying £ 2 x Developers or Engineers 2 x £35,000 50% £35,000 IT or R&D Director £50,000 30% £15,000 MD £100,000 5% £5,000 Subcontractor Invoiced Costs £20,000 Invoice 65% of Fee £13,000 Materials/Utilities/Prototypes £12,000 TOTAL £80,000 £80K qualifying R&D activity spend is “enhanced” by 125% = £100K “pre-tax” scheme qualifying expenditure At 20% small business C.Tax rate R&D Tax Credit £20,000 Government Grant & Tax Consultants Ltd., 21 Verulam Road, St. Albans, Herts, AL3 4DG Tel. 01727 738600 Fax 01727 738609 www.ggtc.co.uk Registered England 5852134 - This document and it's content is copyright of GGTC © 2011. All rights reserved
  • Government Grant & Tax Consultants Government Grant and Tax Consultants Ltd GGTC Ltd 21 Verulam Road St Albans AL3 4DG www.ggtc.co.uk Call us on: 01727 738602 Email: enquiries@ggtc.co.uk Government Grant & Tax Consultants Ltd., 21 Verulam Road, St. Albans, Herts, AL3 4DG Tel. 01727 738600 Fax 01727 738609 www.ggtc.co.uk Registered England 5852134 - This document and it's content is copyright of GGTC © 2011. All rights reserved