Offering R&D Tax Relief for Preparers and Other Small Businesses
U2TC has found a new sponsor in the form of Prospect Brigstock Services, a firm specialising in corporate tax relief. While this may sound esoteric, it is, on the contrary, very pertinent to many of the small businesses and workshops that supply the technology to run the cars. Ria Goff of Prospect Brigstock explains, “Most of our clients will say they are NOT eligible for tax credits and cash and absorb R&D costs because they see the expenditure as day to day running costs. Because of this only a small number of companies are making the most of the R&D tax reliefs available to them. We’ve listed three questions to ask yourself below, if you answer yes to any of them you could be eligible:
Did you encounter problems that required unique solutions?
Have you worked on a project that was a challenge to resolve, and could you explain the challenges you faced and how you attempted to overcome them?
Have your designs involved innovative or creative ideas, perhaps around more sustainable, more efficient or durable products?”
This includes the scientific or technological uncertainty of turning something that has already been established into a cost-effective, reliable and reproducible process, material, device, product or service, or an advance in science or technology. Simply put there must be an improvement. Whether that’s in the form of a service or manufacturing of a product.