Maximise your innovation efforts and boost your bottom line with R&D Tax Credits. Partner with Counting King to secure substantial tax savings, empowering your business to thrive and grow.
At Counting King, we consistently deliver exceptional R&D Tax Credit services. As a result, we have received the prestigious “Best Specialist R&D Tax Credit Consultants” award from the SME UK Finance Awards. Moreover, these accolades testify to our commitment to excellence in tax solutions and customer service. Also, our team specialises in securing maximum tax savings efficiently. Thus, choosing Counting King ensures you benefit from industry-leading expertise and achieve the best financial outcomes for your business.
Recognising that financial needs and queries can emerge unexpectedly, Counting King offers continuous, round-the-clock support. Therefore, our dedicated 24/7 support team ensures that we are always just a call or click away whenever you need assistance with your claim. This relentless availability allows you to manage your tax relief claims promptly and efficiently.
At Counting King, we uphold the highest standards of compliance in every aspect of the R&D Tax Credit claiming process. Thus, our team remains rigorously informed about the latest HMRC guidelines and legislative changes, ensuring that your claim adheres strictly to current regulations. Additionally, this thorough approach mitigates any risks of non-compliance, safeguarding your business from potential financial liabilities and legal challenges. This commitment to compliance not only protects your interests but also reinforces the integrity and success of your R&D Tax Credit claims.
At Counting King, we recognise that each business has unique challenges and opportunities. Therefore, we customise our R&D Tax Credit strategies specifically for your business needs. Furthermore, this bespoke approach not only ensures compliance with HMRC regulations but also maximises your potential benefits, perfectly aligning with your business objectives.
Transparency forms the core of our services at Counting King. Firstly, we take pride in offering clear and straightforward terms and conditions. Additionally, we provide transparent fee structures for our R&D Tax Credit services, ensuring you understand the costs involved in securing your tax credits. Moreover, our commitment to transparency fosters trust, ensuring you are fully informed about every facet of your R&D Tax Credit claim process. This clarity helps prevent any surprises, enabling you to plan and budget effectively.
Our team consists of seasoned R&D Tax Credit specialists who possess extensive knowledge of industry-specific nuances. Additionally, their expertise ensures meticulous handling of your claims, thus minimising the likelihood of errors and the stress associated with potential audits.
At Counting King, we understand the importance of maintaining healthy cash flow for your business. Therefore, by successfully claiming R&D Tax Credits, we help you inject significant funds back into your operations. Moreover, this influx of capital can alleviate financial pressures and provide the liquidity needed to fuel further innovation and growth. Additionally, by enhancing your cash flow, we empower you to make strategic investments and navigate financial uncertainties more effectively. This crucial support ultimately strengthens your business’s overall financial health.
Explore the claim’s applicability to your R&D activities, collect crucial project information, and assess eligibility.
Firstly evaluate eligibility, then estimate potential tax benefits, and finally ensure the robustness of the claim.
Our analysts prepare a comprehensive report,
detailing and justifying your R&D activities to HMRC.
Our analysts conduct a thorough analysis of your financial expenditures related to R&D, ensuring every claimable expense is accounted for and documented.
R&D Tax Credits represent a pivotal government incentive from HMRC, aimed at boosting innovation by offering financial benefits to UK companies. These benefits allow businesses to either decrease their tax liability or receive a cash payment, by claiming back a substantial percentage of their R&D expenditure. Counting King specialises in identifying eligible activities and expenditures to maximise your claim effectively.
To qualify for R&D Tax Credits, your business must engage in projects that seek to make advancements in science or technology. Counting King can assist in evaluating your activities to determine eligibility, ensuring that they are specifically related to your company’s trade and have occurred within the last two fiscal years.
At Counting King, we help you identify qualifying R&D expenses, which encompass staff wages, subcontractor costs, consumable materials, software, and utilities directly used in R&D efforts. It’s crucial to meticulously track these expenses as they relate directly to qualifying R&D activities to ensure your claim is successful.
Routine updates or aesthetic changes that don’t address scientific or technological uncertainties are not considered R&D. Similarly, operational activities like production, sales, and administrative functions do not qualify. Counting King can provide clarity by distinguishing between qualifying and non-qualifying activities.
R&D encompasses activities aimed at resolving scientific or technological uncertainties, whether through creating new products, processes, or software, or significantly enhancing existing ones. Counting King expertly guides companies in documenting these activities to support their R&D claims.
You can claim R&D Tax Credits for up to two years past the end of the accounting period in which the R&D expenditure was incurred. Counting King can help review past projects and expenditures to ensure you don’t miss out on any potential claims.
Typically, HMRC processes R&D Tax Credit claims within 28 days. However, during peak times or for larger or complex claims, this process can take longer. Counting King assists in streamlining your submission to minimise wait times and expedite your payment.
R&D Tax Credits work by allowing your business to deduct an additional percentage of qualifying expenditure from your yearly profit, over and above the normal 100% deduction, effectively reducing your tax bill or increasing your payable credit. Counting King ensures optimal calculation and application of these credits to maximise your financial benefit.
The average claim can vary greatly, usually reflecting the size of the company and the scale of the R&D activities. Through Counting King’s expertise, many of our clients secure claims that significantly offset their R&D costs, ranging from a few thousand to several hundred thousand pounds.
To claim R&D Tax Credits, you need to include detailed R&D expenditure information in your Company Tax Return (CT600) along with a narrative that explains how the projects meet the criteria for scientific or technological advancement. Counting King specializes in preparing these detailed claims, ensuring compliance and maximising your potential benefit.
Absolutely! At Counting King, we assist small businesses in claiming R&D Tax Credits under the SME scheme. This scheme is perfect for companies with fewer than 500 employees and either less than €100 million turnover or €86 million in balance sheet total. Our expertise ensures that small businesses can maximise their claims effectively.
For a robust R&D Tax Credit claim, we help you compile detailed technical reports that describe each project’s scientific or technological advancements and the challenges faced. Financially, you’ll need to gather records of all R&D-related expenses such as staff costs, materials, and software. Counting King guides you through preparing and organising this documentation to streamline your claim process.
Yes, software development projects often qualify for R&D Tax Credits when they aim to advance the underlying technology. This could include innovations in algorithms, architectures, or efficiency improvements. Counting King specializes in identifying eligible software development activities and framing them effectively for tax credit claims.
At Counting King, we calculate your R&D Tax Credit by enhancing your qualifying R&D expenditures by 130% for SMEs, which then reduces your taxable profits or increases your tax credit if you’re loss-making. For RDEC scheme claims, typically accessible by larger companies, we work out a credit worth approximately 13% of your qualifying expenditure.
The SME R&D relief and the RDEC scheme cater to different types of companies. SME relief is more generous, potentially offering up to 33% of your R&D costs back, suitable for smaller businesses. The RDEC scheme, providing around 13% before tax, is available to all companies, including those that do not meet the SME criteria. Counting King can help determine which scheme best fits your business and maximise your benefits.
If HMRC queries your claim, it’s crucial to respond with detailed and accurate information. At Counting King, we support our clients through this process by preparing and presenting all necessary documentation and responses to HMRC, ensuring that your claim stands the best chance of success without delays.
To find out more, get in touch with our experts and download our free digital brochure today.
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