Would you welcome a cash injection back into the business?

 

Business Glu have been passionate about R&D (Research & Development) for quite some time now.  Getting so frustrated that many businesses don’t think they are eligible or see it as such a huge task that they don’t bother.

If you think R&D is hard work – think again

It isn’t a catch or a trick, it is something that most businesses are able to claim and reduce their tax bill.  I for one didn’t choose to join the membership of HMRC and any business with any sense will approach the journey of R&D tax credits with full force if they want to avoid giving their hard-earned money to Mr Tax Man.  It isn’t a tax avoidance scheme, nor will it get you in trouble, its there if you are a limited company with less than 500 staff and a turnover of under 100 million euros.

For the claim in a nutshell, If your business has improved or implemented new services, products or processes in the last 2 years there is a likely claim.  

In the current climate there are many businesses suffering the effects of Covid-19.  Losses, expenditure they could ill afford and having to introduce changes the business has been forced into because of the situation of the world pandemic. All things they hadn’t budgeted for perhaps.

Sound too good to be true? 

A company we recently worked with were facing such difficulties and a bleak future.  They became fearful their only option would be insolvency.  After investigating all rescue plans we advised they had a strong eligibility for R&D tax credit.

Ironically they didn’t believe they carried out any ‘out the box’ thinking or innovation.  They hadn’t considered any challenges they had met and overcome being anything other than business as usual, or time spent facing uncertainty of a project faced, with which they worked their way around through using their experience and in-house knowledge.  So many companies are like this client.

After discussing the potential and introducing them to the fabulous company we work alongside (who carry out the reports and do the number crunching), they realised that they had nothing to lose.

It’s much easier than you think 

The result was a substantial claim, a tax refund from HMRC.  This cash injection, enabled the company to pull itself around and stay in business.   That business we are delighted to say now have a good understanding of R&D.  Fully R&D educated, it’s empowered them to introduce future R&D projects that are eligible to be funded by tax credits, supporting the future of the business, not that of the Tax Man.

The most beneficial areas for them, gaining maximum R&D advantage being their new R&D facility, appointment of a postgraduate that was key to help run R&D projects.  Investing in a website upgrade that facilitated multi-device access, an e-commerce platform, client portal and end to end traceability.  This company has become R&D savvy and now in a much more secure position.

Many businesses undertake projects oblivious that they are carrying out R&D.  Implementation of a CRM, MRP/ERP System, online web/cloud-based initiatives, or new mobile/smart working practices introduced or digital stock management systems……the list goes on.

What would a tax credit cash injection do for your business?

Keep the wolf from the door?  Give the business the recovery it is entitled after all the blood sweat and tears put into it? Pleased that you haven’t given your money to the Tax Man?

Have you got failed projects?

Claim a tax credit if the company is loss making, worth up to 14.5% of the surrender able loss.  Prototype materials, time and external advice all qualify. 

As a rule of thumb, any progressive, process driven company irrespective of sector should consider whether they have a claim. Welcome a cash injection into your business.

De-risk business decisions and make cash work for you.

If you think R&D is hard, think again.

The way Business Glu have assisted businesses gain the confidence in processing a claim is by taking any uncertainty and headache away from the work involved in making that claim.

Many businesses shy away from the opportunity as they feel they a) don’t have the knowledge and will be caught out, b) they don’t have the resources or time and c) they feel a bit daunted by it all. 

Business Glu and the R&D Tax specialists we work with try to make the process as comfortable as possible.  After the initial technical meeting we simply draw out any possibilities available for the company by spending time with the business and the people in it.  Together we look at what projects the business has undertaken over the previous two years, and what they are looking at moving forward; past, present, and future. 

Our aim is to cause as little disruption to the business as possible. 

Sound too good to be true?

If this sounds like the perfect answer for you and you would love to receive a refund from HMRC and/or a reduction in your corporation tax, then now is the time for you to make serious decisions about actioning a claim.

Business Glu’s passion for educating and supporting businesses is to enable them to get their fair share of the R&D pot of money HMRC hold.

…….it isn’t a catch, it’s real and available.  

 You decide; Tax man or your cashflow.