We are very excited to announce that we will be working with Inspired Tax Incentives as one of our newest platinum sponsors for 2020/21!
Inspired Tax Incentives aim to help clients benefit through using the R&D scheme and Capital Allowances regime.
The construction industry is one of the worst represented when it comes to businesses reclaiming their Research and Development (R&D) tax credits, and we want to encourage all of our construction businesses to get in touch with Inspired Tax Incentives to see what they can do to help.
They have had great successes, and recently worked with Lagan Specialist Contracting Group to optimise their payments through these schemes. The Finance Director David Ramsey said, "The process of claiming R&D tax credits with Inspired Tax Incentives was very efficient. I felt their team really understood our business which helped express our innovation in their report and to maximise our claim."
R&D tax credits is a tax incentive scheme that rewards UK businesses for innovation. R&D tax credits provide a valuable source of income to innovative businesses, as they can reduce their tax bill or claim payable cash credits as a proportion of their R&D expenditure. The Government’s support for R&D is available to most sectors including: Construction, Technology & Software, Manufacturing & Engineering, Telecoms, Food Processing, etc.
Although many businesses feel that they would not qualify, Inspired Tax Incentives Managing Director Eugene O’Neil, says that it is important that businesses check as there is a time limit on claims. He goes on to say that; “this is money that companies are entitled to, to reward them for innovation and their hard work. We also aren’t talking about insubstantial sums of money. We recently completed two claims for a design and build contractor who had not previously claimed and were not aware the R&D tax credits were available to them. The company received tax refunds in excess of £250k within 4 weeks of the claims being submitted.”
Construction companies are some of the most under-represented when it comes to claims, and it appears that there is a lot of room for improvement.
Sean Cavanagh, Director of Inspired Tax Incentives, tells us that with their help a construction group client of theirs was able to increase their pay out by 33% on the previous period, and the claim was completed within only 2 months.
There are currently two schemes to reward innovative businesses within the UK: the SME regime for small and medium enterprises and the Research and Development Expenditure Credit (RDEC) regime for larger organisations. Depending on which category your business falls under, the benefits available will differ.
There are many different industries that can benefit from these schemes, and we urge anyone who thinks they may be eligible, to get in touch with Eugene and Sean, at [email protected].