Every Superhero needs a Sidekick - Interview with Apogee Assoicates - R&D Tax Specialists
A SPECIAL edition of our "Every Superhero needs a Sidekick" series where we speak to Apogee Associates about how they can power-up our accounting superpowers and provide expert advice on claiming R&D (research and development) tax credits.
It seems like everyone these days is talking about R&D tax credits - for Research and Development.. but how do you get them and is there something that you could be claiming for?
Finance Box partner with Apogee Associates to bring you the very best in services and help explain what R&D is all about in this video.
Reviewing your activities and your spend is a part of any year-end accounting process. Where those activities are on researching new ways of doing things, developing new processes, widgets or more, then there's a good chance there's something here that you can benefit from - and as Nat says in the video, it's not all about science labs.
R&D looks to enhance the spend that you've made by up to 230% of its original value in your corporation tax return. This in effect increases your spend figures on the tax return and therefore you make less profit. Less profit = less tax to pay. It's simply a no-brainer.
In many cases, we have seen this cause a business to make losses for tax purposes. Under the R&D scheme, losses can either be carried forward into the future or converted into cash. For many businesses, this is highly attractive as it means that in some elements, you get to spend the cash twice and make your money go further.
But why? Why would the government want to give you back money you might not have paid out in the first place? Well... they simply want to encourage investment into UK research and development activities.
Apogee go into this in better detail in our video, but if you'd like to talk about R&D for your business, we would love to arrange a call with you.