The Business Exchange Swindon & Wiltshire Edition 61: June/July 2022 - Page 14

Tax credit know-how for innovation show-how

There are numerous ways to get cash back from the Government for the hard yards businesses do generating industry know-how through innovation . If you ’ re not familiar with them , you ’ re far from alone .
In this , the first in a series of interviews , Catax tax relief expert Brendan Keane demystifies R & D tax relief .
What are R & D Tax Credits ?
I wish I knew ! Just kidding . Put simply , R & D Tax Credits reward companies that innovate . The economy thrives on exports and exports thrive on R & D . So the Government created the scheme to incentivise businesses to develop new technologies faster than the rest of the world .
Who is eligible ?
Any UK-registered company spending money on developing new products , processes or services .
What kind of projects count as R & D ?
It varies between sectors but the crucial thing to bear in mind is that true R & D doesn ’ t just improve the level of knowledge within a company , it pushes know-how further for a whole industry . There has to be an element of technological uncertainty for the work to qualify but it doesn ’ t have to be completely new . You can take an existing product , improve it and it still counts .
What is the biggest claim you ’ ve managed to achieve for a client ?
We recently secured a claim for a telecommunications client worth £ 420,000 . That was a record for me and it just goes to show how much can be at stake . There will be companies