London, UK -- (SBWIRE) -- 04/06/2012 -- As research and development tax credits specialists for UK businesses, RandD UK Ltd is spreading the word that many businesses are missing out on significant tax relief via R&D tax credits from HMRC. The company assists UK businesses to identify and apply for R&D tax credits that can save very significant sums of money.
R&D tax credits is company tax relief that can either reduce a company’s tax bill or, for some small or medium sized companies, provide a cash sum. The aim of the tax credits is to encourage greater R&D spending in order to promote investment in innovation. All companies spending at least £10,000 a year on qualifying research and development (R&D) are entitled to a deduction when calculating their taxable profits of 175 percent or more depending on the year incurred. R & D tax credits work by allowing companies to deduct up to 225 percent of qualifying expenditure on R&D activities when calculating their profit for tax purposes.
RandD UK Ltd consultants have a broad business background supported by accountants well versed in the R&D Tax Credits scheme. Thousands of businesses remain unaware that they qualify for the research and development tax credit relief. Several companies have been told by their accountants that they would not be able to claim, only to discover later that they were entitled to six-figure sums from HMRC. “We can spot areas of process and product development that our clients and their accountants have overlooked as qualifying research and development tax incentives,” said RandD UK Ltd Consultant Brendan Molloy. “The UK has lagged behind its European neighbours in embracing this opportunity, which is a trend we hope to reverse.”
RandD UK Ltd representatives are experienced interviewers and report writers that work to standard templates to gather information and present it in the optimum way for success in applications from HMRC. “To date, we have a 100-percent success rate in applications made on behalf of our clients,” said RandD UK Ltd consultant Michael Keyse. “Despite representing a wide and varied business base, they are all characterised by a requirement to take risks and overcome technical uncertainties in product and process development, yet are unaware that what they are doing qualifies as research and development.” For more information, please visit http://www.randdukltd.co.uk
About RandD UK Ltd
RandD UK Ltd is a specialist practice that processes applications solely for the HMRC R&D tax relief credit scheme. The company’s experienced interviewers and report writers work with UK businesses to spot overlooked process and product development areas that make them eligible for the R&D tax development incentives. RandD UK Ltd uses standardized templates to gather information and present it in the optimum way for success in HMRC applications.