R & D tax credits – are you making the most of potential tax savings?

In Accountancy, News by Caroline

Can you benefit from R & D tax credits? Innovation has generally been recognised as essential for value creation, both for individual companies and for the UK economy. The development of new ideas, processes and technologies and their flow across different sectors is a significant driver of economic growth and productivity.

There are many factors that affect whether and how businesses innovate, for example the availability of skills and capital and government policy measures such as tax incentives.

Research and Development (R & D) is the process of taking an innovative idea and transforming it into a fully-fledged product or procedure. R & D tax credits are a government incentive designed to encourage innovation across multiple industries.

If you carry out R & D that aims to make an advance in science or technology, this is an opportunity for you to reduce your corporation tax bill or receive a refund from HMRC based upon the relevant costs your business dedicates to Research & Development. Recently, R & D tax credits have been the subject of additional scrutiny by HMRC, and some rates will be less generous from April 2023, but it could still be a useful tax relief for your company.

If you are looking for long term finance to support innovation then you will need to prepare the following before an expert will consider your application:

  • ensure your management accounts are up to date
  • prepare current detailed lists of debtors and creditors
  • create up to date projections.

Please talk to us about R & D tax credits and long-term finance by contacting us here – our independent experts have many years of experience and success in advising business across a wide range of sectors. We will be delighted to hear from you.


R & D tax credits – talk to accountants in Birmingham Barnett Ravenscroft.

At Barnett Ravenscroft we have built a team that consists of individuals who are all highly qualified in their respective fields.

Although our services are all partner led, we use experienced managers to ensure that the needs of all of our clients are promptly and efficiently dealt with.

Our accounts and audit managers are all experienced and knowledgeable and provide an excellent service to our clients. They are flexible and pro-active ensuring that clients receive added value from all of our services.

Our specialist personal tax department is under the direction of a very experienced manager who offers a complete service having a wealth of experience in handling client’s personal tax affairs. The team not only ensure that clients are aware of and meet the many filing deadlines that need to be adhered to, but also ensure that effective tax planning is carried out and that clients are provided with the most tax efficient solutions for their needs.

Our payroll and VAT managers ensure that all of our client’s payroll and VAT needs are met efficiently, effectively and on time. They have a wide range of experience in dealing with all of the issues that clients face in ensuring that deadlines are met and that liabilities are accurately calculated and paid.

All of our staff are friendly, efficient and excellent at meeting the increasingly growing needs of our clients.

Get in touch with Barnett Ravenscroft

If you would like to discuss any of these latest developments in more detail, our team would be delighted to hear from you.