There are no up-front costs, and should we fail to identify a claim then there will be no charge at all. It is a true ‘No Win, No Fee’ model. We also offer all clients 6-year report protection as part of our service.
Yes! The crucial thing is that companies have to be spending money, and the more they have spent on eligible activities, the greater the benefit and some loss-making companies may be eligible to receive a cash credit.
No. There is no requirement that the sub-contractor should be in the United Kingdom. The sub-contractor(s) must be engaged to perform a specific task rather than providing a general service.
For the SME scheme, 65% of payments to sub-contractors can be claimed except if the SME is connected to the sub-contractor (e.g. is its parent, part of the same group, or are under common control). The rules are different for connected sub-contractors.
This legislation has been around since 2000 so it is surprising more businesses are not told about this by their accountants. However, this is a specialised area of taxation and often requires several people working on your case. Innov8 know exactly what HMRC look for in a successful claim which perhaps most general accountants may not.
Your accountant is a trusted member of your team who looks after your company accounts, payroll, VAT etc but may not know exactly what you do on a day by day basis which encompasses R&D activity. We can work together with accountants, we find and maximise the eligibility while accountants utilise its tax benefit. We always complement rather than compete.
It’s on a case by case basis dependent on the amount of money being spent by the business, and the profitability of the business when the work took place. The average claim size for SME’s in the UK is £43,000. Typically the relief can extend to around a 30-33% return on the investment undertaken by a business in “Research & Development”. Can be in the form of tax relief or cash and usually available within 8-12 weeks.
You are entitled to make another claim after a 12 month period. It may be that circumstances have changed so is worth looking into.