RIFT Research and Development

R&D Tax Credits are a great way to make the most of your innovations. They’re designed to reward businesses with the kind of ideas that can boost the while economy.

You don’t even need to have a dedicated R&D facility to benefit. Tax credits can be claimed for a much wider range of activities than many businesses realise.

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Here’s what it takes to qualify for SME R&D tax relief:

  • Fewer than 500 employees.
  • Under 100m Euro turnover.
  • Eligible to pay UK Corporation Tax.
  • Using considerable expertise to solve real-world problems.
  • Investing in staff, software, consumable items, prototypes or materials.

R&D Tax Credits reward projects that drive forward what we know and what we can do. It could be a product, software application or even just a better process. Whatever you’re doing to tackle an unsolved technical problem could qualify for tax relief.

R&D Tax Credits can be claimed for qualifying costs, from staffing and consumables to prototypes and utilities. In return, you can expect to claim back up to £26,000 for every £100,000 spent on research and development.

Of 1.6 million eligible UK SMEs, only 15,995 actually claimed R&D tax credits last year. These claims averaged an impressive £49,000. To qualify, you must be eligible for UK Corporation Tax. That said, you can still claim if your R&D wasn’t successful, or even completed!

Any tax savings or payments are free for you to spend however you want. R&D Tax Credits are designed to encourage businesses to innovate. They’ve even attracted inward investment from outside the UK.

RIFT R&D has made claims for technology companies in software, aerospace, defence and the automotive industry. Even more traditional manufacturing, construction and engineering companies are starting to see their innovations rewarded through RIFT.

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You do pay quite a lot of tax as a business owner in the UK. We were quite excited about the prospect of reclaiming some of it.

Before we met RIFT we were actually aware of the R&D refunds. We took it to our accountants, who suggested to us that it wasn't possible to claim. We then came into contact with RIFT through the Kent Excellence in Business Awards. They started that conversation and we claimed back nearly £30,000.

RIFT have worked with us and guided us through the process of reclaiming the money against Corporation Tax. They were able to understand the projects we'd been involved with. They're friendly, efficient, responsive - all the things that you'd ideally want.

Ultimately, the R&D claim is something that can be done annually based on the time that you spend on research and development throughout the years. It's something we'll absolutely be looking to do again.

Luke Quilter, M.D. of Sleeping Giant Media Limited

Honestly, I didn't think it applied to us. I didn't think we'd get an opportunity to have a research and development tax claim or refund, but I was proved wrong pretty quickly. We were introduced to RIFT by the Joint Industry Board, and they helped us from day one.

After conversations, we quickly realized that we had a couple of claims, and we progressed them from there. It was something from nothing that turned to a decent situation for us pretty quickly. From a meeting, to writing a report, to extracting information from us quite succinctly and clearly, the total amount we received was in the region of £160,000. I'm looking forward to doing another claim with them on another side of our business.

If I was introducing them to someone, I'd just say that this company is easy to work with, and you'll be surprised at the results. You'll be surprised what you have incurred as R&D, which you probably don't think is R&D.

Dan Little, Director at J Brand