Securing your innovation
Redeem are a strategic partner for business growth, sharing best practice for Research & Development Tax Credits. We believe that R&D Tax Credits should be easily accessible for UK eligible businesses, to help them improve their cash flow, increase business performance and maintain a competitive edge, ensuring they are not left behind.
We do this via accessing our in-house R&D sector specialists across a multitude of technical and financial functions, to quickly and compliantly navigate the complex R&D landscape, which meets HMRC’s key criteria.
With a combined team experience of over 25 years within the R&D consulting sector, our principles are to ensure we meet three essential areas for our clients; maximising benefits, maintaining compliance and reducing client involvement.
What are R&D tax credits?
Research and Development Tax Credits are a government initiative to encourage innovation across multiple business sectors, helping to accelerate further growth for the UK economy. This is an incentive for UK Limited businesses to reduce their corporation tax payment or receive a cash refund from HMRC, based on their qualifying R&D activities.
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Typically, most businesses are unaware that they are carrying out research and development, as the definition is much wider than they think. The initiative now has grown to include multiple industries which are problem solving and overcoming technical challenges. Businesses that invest in creating new products, processes, services, or improving existing ones, are likely to qualify for R&D Tax Credits.
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Pre-April 2023, SME’s can claim back up to 33% of their costs, on every £1 spent on R&D, 2 years retrospectively of their financial year end. The additional deduction for SME’s from 1st April 2023 onwards, will decrease from 130% to 86% and the SME Tax Credit rate will reduce from 14.5% to 10%.
For loss making businesses that are categorised as R&D intensive (up to at least 40% of total spend is qualifying R&D) you can claim on the 14.5% credit rate.
Regardless of whether you are profit or loss making, you can explore this rewarding initiative.
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Our Process
Project Assessment
After an initial consultation to understand whether you qualify for R&D Tax Credits, our technical team will share their knowledge to collect suitable R&D projects through tailored conversations and prepare the technical report on your behalf.
Cost Collection
Financial documents are collected and analysed, to extract the relevant eligible qualifying costs of your business, which will be attached to the R&D technical report.
Review & Submission
Once we have completed your full and comprehensive R&D report, it is ready to be shared with you for review and submission to HMRC.
