Tax Savings through Innovation– Research & Development
Companies that invest time and money developing new products, processes or services; or enhancing existing ones, may be eligible for a cash payment and/or Corporation Tax reduction.
At Sean Cavanagh & Co we have a Specialist R&D Tax Credit team who will review your position and advise if you are getting the right tax breaks.
As a country, Northern Ireland is still lagging behind the rest of the UK in terms of claims, despite being one the most innovative regions. A lot of businesses are doing R&D without knowing and therefore aren’t claiming tax reliefs.
We challenge what some businesses take for granted to ensure all tax opportunities are exhausted.
Once the projects have been identified by our team, the qualifying expenditure will attract an additional tax deduction of 130% (giving a total tax deduction of 230%!).
Even if the company has a trading loss, losses may be surrendered in exchange for a tax credit (i.e. a cash payment). The cash payment is 14.5% of the amount of losses surrendered.
Standard business costs such as wages & salaries materials, subcontractor payments and specific overheads can all be included as qualifying expenditure.
Our aim is to make the process as smooth and as straightforward as possible. Our team will identify and assess your qualifying R&D activities and prepare your full R&D Tax Credit claim with supporting documentation as required by HMRC. A simple step process will be implemented to minimise any disruption to your business:
Step 1 – Contact Sean at Sean Cavanagh & Co for a free initial consultation by our team.
Step 2 – Our R&D specialist will visit your business to perform an initial qualification review.
Step 3 – Our team manages the entire process of constructing your R&D Claim.
Step 4 – Our team will present the full claim, with all supporting documentation to you.
Should you wish to speak to one of our team on tax planning to arrange a free consultation, please contact our Tax manager, Noel Convery or Director, Sean Cavanagh.
Office: 028 8775 5880
Noel Convery: firstname.lastname@example.org
Sean Cavanagh: email@example.com
T: 028 8775 5880 | (ROI) 016994453
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