How You Can Claim Your Research and Development Costs Back in 2020

Research and Development (or R&D) tax relief provides support to companies that provide innovations in the field of science and technology. The government funds such projects that advance the fields they research – even if they are unsuccessful. Claiming R&D tax relief on projects that qualify can be a huge help to small businesses that spend a lot of money resourcing ventures. A lot of companies don’t even know that they can file an R&D tax claim and much of the funding goes unclaimed.

In order to qualify for R&D tax relief, you need the two major pieces of information; the technical side – what your project was and how it is innovative in the field that you are researching – and the financial side – how much you spent and what you spent the money on. The project can be in any field within science and technology, if it is advancing the overall field. Whether you’re working with software development, automation, improving existing processes or new material development, you can claim R&D tax relief on more projects than you would think.

However, calculating whether you qualify for R&D tax credits can be confusing and exhausting and contacting HMRC to inquire or request guidance can be difficult. Beyond figuring out whether you can claim, there are also different types of tax relief and tax credits depending on the size of your company and the qualifiers within that. SMEs can claim different amounts of tax relief depending on whether you are making a profit or not, and bigger companies can claim tax credits but the amount you can claim is changing all the time. Working this out on your own can be tricky – and more importantly, time consuming - but there are many companies out there can help you figure out how to apply and how much you can claim back.

But up and coming company Areande is like no other, they are revolutionising innovation tax claims – their new branding for R&D tax claims. Areande is more than that; they aim to make the process easier for companies so the innovating can continue without worrying about the claiming. By reinventing the way that R&D tax claims are made, the risk of your claim not being accepted is eliminated and overall, making the process simpler for everyone involved.

R&D tax claims must tick a whole host of boxes with the government and if they aren’t convinced, they will launch an enquiry. This can eat into developing time – often being a long drawn out process with no conclusive end. There are quite a few resources out there to help with this, running eligibility checks before you send your information off to HMRC, clearing up the issues and working with you to develop your claim. This can be incredibly helpful – instead of a government enquiry, you can be told straight away whether your R&D claim is likely to be accepted.

Areande, being innovative in their own field, understand and emphasise with businesses who want to file R&D tax claims but don’t want to waste development time doing so. They file the claim for you which frees up time to get back to the important things. Once done, this also frees up money and resources to invest back into your business. It is easy to see why many businesses overlook R&D tax relief when they are faced with the enormous task of filing a claim and trying to fit into government guidelines – when the government’s page of information on R&D claims is less than 700 words and gives no specific advice.

An Areande claim is slightly different – their expert team are specially trained in innovation tax relief so there is never any room for doubt. Finding out how you can claim back is a simple as visiting their website and it is calculated based on how much you spent on research and development. It then calculates an approximate amount you can claim back, which is often more than you would expect. As apposed to other sites, their eligibility check is pretty straight forward – they ask three simple questions, pertaining to your innovations, and then you can fill out a contact form that puts you in touch with one of their advisors.

Even the name Areande has moved beyond their company – they have moved it towards inventing a new way to approach R&D tax relief. They aren’t just supporting companies looking to claim money back; they are looking to support and encourage essential research work in scientific and technological fields. Society is advancing and Areande are there to help make sure those making the ones making the advancements are getting the tax relief they need.