"Businesses are missing out because they're not recognising what they can claim under the scheme, says Phil Hartley, who heads up R&D Tax Experts by Haleys. "
Phil Hartley, RD Tax Experts by Haleys
Preston based Haleys Business Advisers has set up R&D Tax Experts by Haleys to help North West businesses take advantage of funds that are available to them from the Government for research and development. The new division will assist businesses to claim back money they have invested in R&D through the Government’s R&D Tax Credit scheme.
‘Businesses are missing out because they’re not recognising what they can claim under the scheme,’ says Phil Hartley, who heads up R&D Tax Experts by Haleys. ‘R&D is not all about white coats and laboratories. A business that is developing new products, new processes or solving problems surrounding specific tasks is conducting R&D and is eligible to claim under the Tax Credit scheme’
‘Last year we claimed over half a million pounds in refunds on behalf of clients at Haleys Business Advisers,’ explained Hartley. ‘We made successful five figure claims for a number of clients and that prompted us to explore the whole area of R&D. The decision was made to dedicate a team to work specifically on the R&D Tax Credit scheme, resources where allocated and a new division was created. A significant effort is being made to improve awareness of the scheme. A website www.randdtaxexperts.co.uk gives more information and provides testimonials from clients who have already made successful claims. Members of the team are talking to business organisations throughout the North West to ensure that SMEs understand what is available to them.’
Additional funds were committed to the scheme by the Government at the end of 2016. The Research and Development Credit has been made more generous and easier to use, and support has risen from £1bn to almost £2.5 billion a year. Prime Minister, Theresa May said at the CBI Annual Conference, ‘Britain has firms and researchers leading in some of the most exciting fields of human discovery. We need to back them and turn research strengths into commercial success. We will commit to substantial real terms increases in government investment in R&D - investing an extra £2 billion a year by the end of this Parliament to help put post-Brexit Britain at the cutting edge of science and tech.’
The scheme allows businesses that are investing in R&D to claim tax credits, in some cases up to 26% of money spent in that area. It is efficiently run and with the right advice and help, businesses have been receiving payments against claims within weeks.
‘We know that the North West is home to an incredible number of innovative businesses and we are convinced that a lot of them just aren’t aware of what is available to them. We also know from experience that many entrepreneurs and SMEs are so stretched in their day-to-day business activities that it’s easy to miss this type of opportunity. We are keen to get the message out and to assist as many businesses as possible to take advantage of the scheme. With £2.5 billion available there’s no reason why a significant proportion of that money shouldn’t come to the North West and we want to help businesses get their share’, said Hartley.
More information is available at www.randdtaxexperts.co.uk and business organisations can contact the team to arrange a presentation to a group or any interested parties.
Photo caption: R&D Tax Experts by Haleys is headed up by Phil Hartley (pictured), one of the Company’s Chartered Tax Advisers.
