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How to Claim

R&D Tax Credits

Expert advice delivered on behalf of
Allsop by Jon Dickinson and
Andrew Cuthbert.

Event Details

When:

Wednesday 27th November 9:00 to 12:00

Where:

Titanic Room, Galgorm Spa & Golf Resort 

136 Fenaghy Road, Galgorm, Co. Antrim, BT42 1EA

 

 

 

Event Overview

The presentations delivered by Jon Dickinson and Andrew Cuthbert of Innovation Credits Limited set out to deliver an increased understanding into R&D Tax Credits. Highlighting the areas that you are innovating within your business that are applicable for the incentive. As well as outlining the practical steps to follow to make a claim.

Who should attend?

This event is suitable for anyone interested in learning more about how to claim R&D Tax Credits for their business.

 

Event Details

When: Wednesday 27th November 9:00 to 12:00

Where: Lylehill 1 Suite, Hilton Belfast Templepatrick Golf and Country Club, Paradise Walk, Castle Upton Estate, Templepatrick, BT39 0DD

Event Overview

The presentations delivered by Jon Dickinson and Andrew Cuthbert of Innovation Credits Limited set out to deliver an increased understanding into R&D Tax Credits. Highlighting the areas that you are innovating within your business that are applicable for the incentive. As well as outlining the practical steps to follow to make a claim.

Who should attend?

This event is suitable for anyone interested in learning more about how to claim R&D Tax Credits for their business.

Speaker Details and Tax Credit FAQS

Innovation Credits Limited (ICL) is staffed by Chartered Accountants and IT Specialists. They work alongside clients of Allsop  to maximise the benefit of the Inland Revenue Research & Development Tax Credit system.

What are R&D Tax Credits?

R&D Tax Credits are a government incentive designed to help UK Companies invest in innovation. They can either be a valuable source of cash to the Company or can be offset against corporation tax payable. In summary, a successful R&D Claim can provide tax relief of £2.30 for every eligible £1 spent by the company with this multiplied relief saving corporation tax at 19%. Alternatively, a Company may choose to “cash in” this relief and receive a tax refund equal to 14.5% of the claim amount. In the past many UK Companies have not realised that much of their activity is claimable under R&D rules, wrongly assuming that the system only applied to men in labs with white coats!

What do Innovation Credits Limited do?

Unlike other R&D companies who may turn up once per year to identify any projects that might qualify ICL begins with “innovation by design.” We identify, clarify and transform your companies 10 year strategy which as a result can maximise the benefit the company can make from both grants and tax instruments such as R&D tax credits and the patent box. The patent box in particular which requires the filing of revenue related patents is impossible to implement retrospectively and hence cannot be claimed by companies who do not have an intellectual property monetisation strategy in place.

How much does the Preparation of Claims Cost?

For eligible companies working alongside Allsop, all R&D work is done on a “no-win no-fee” basis with 80% of all amounts claimed remitted to the Client Company.  ICL will establish a full R&D Process to ensure all claims are maximised and more importantly, defendable to HMRC. They will then submit all claims to HMRC and deal with any queries arising from HMRC.

Who are Innovation Credits Limited?

ICL is a meeting of minds between Jon Dickinson-A respected and experienced Chartered Accountant/Tax Planning Specialist and MD of Proactive Chartered Accountants Limited and Andrew Cuthbert who has worked in the IT Industry for some 15 years. Andrew has worked on the design and implementation phase of software and other technology products that have exceeded £1bn in revenue. He has been focusing solely on the area of innovations since 2017.

What does this mean for my Bottom Line?

First and foremost ICL enables companies to be both more productive and competitive in what is an ever more competitive business landscape. ICL can enable companies to fund new initiatives that they would not otherwise have been able to make a reality without the benefit of incentives for innovation.

Examples of increases in R&D Claim can be substantial. We have taken existing claims from £10ks/£100ks to as high as £millions for the same year of doing business. From an initial meeting we qualify a company’s innovation potential and identify next steps. In the UK we can claim back up to 2 years credits, bringing in cash benefits for the company from the off. The first step in working together post qualification is identifying your forward innovation strategy.

 

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