Chamber R&D Tax Credits

Scottish Chambers of Commerce have partnered with industry specialists Jumpstart to give you a helping hand in securing R&D tax credits. Introduced in 2000, R&D tax credits are the Government's way of encouraging exciting new products and services.

Why?

Because by helping to reduce some of the financial risk for companies, the Government hopes they'll find new and innovative techniques to make the UK more competitive internationally.

Who is eligible?

The Government's R&D tax credits scheme isn't just for companies with R&D departments and men in white coats. Indeed, you may be surprised to discover that any company that spends money trying to improve a product or service through a technological advance, using qualified staff and appropriate project controls, and where there's doubt about the project's success, is likely to be eligible. Over 6,600 SMEs and 1,760 Large Companies are already claiming more than £980m each year in R&D tax relief from HMRC, but many more thousands aren't.

Is your company one of them?

How can your company benefit?

From April 2011, companies have been able to deduct up to 200% of qualifying expenditure when calculating their profit for tax purposes. What's more, you can claim R&D tax relief on expenditure that's up to three years old. The precise size of the tax credit will depend on the size of your company, its tax rate and how many of your activities are eligible. Smaller companies, for example, can claim at a higher rate and qualify for extra financial support if they're loss making.

How do I make a claim?

You could make a claim yourself – by compiling a detailed technical report and exhaustive financial documentation. HMRC provides plenty of guidance and advice – it runs to several hundred pages in fact. (It starts here.) Or you could leave it to us, safe in the knowledge that if you don't ultimately qualify for R&D tax credits you won't owe us a thing. Jumpstart has a proven track record in making successful R&D tax credit claims. We know what to claim, how to claim and, perhaps most importantly of all, the many pitfalls to avoid.

To find out more about the service click here