Research and Development Tax Relief
Research and Development (R&D) is a Corporation Tax relief that may reduce your company’s tax bill. This tax relief can only be claimed if your company is liable for Corporation Tax. If your company is not liable for Corporation Tax it may be worthwhile reviewing the company structure to ensure it is the most effective for you and your business. It is available for both SMEs and large companies.
RIBA Business is working in partnership with BDO LLP (previously Moore Stephens and now merged with BDO LLP) to provide a complete solution in claiming Research & Development tax relief.
The specialist team comprises engineers and software programmers as well as specialist finance professionals such as auditors and tax accountants. All are experienced in claiming R&D tax relief for architectural practices. In the last two years, the partnership has enabled RIBA members to claim over £1 million pounds back in credits with a 100% success rate.
Fees only apply to successful claims, with nothing due until the claim is settled.
If you contact BDO LLP directly please state where you heard about the service to enable us to track awareness raising.
Download our leaflet on R&D Tax Claims. BDO has also provided useful advice to be considered when submitting a claim post Covid-19 in the article Why architects should be considering R&D tax credits during these challenging times?. The demand in change to how we live and work is inevitable and architecture will be at the heart of driving the solutions where standard approaches will not apply.
What we do
The specialist R&D team will identify all qualifying costs for you. Once identified, these costs can be uplifted so:
- taxable profits are reduced
- small and medium (SME) size companies can surrender any tax losses for a cash credit
We will complete and submit the paperwork and all supporting evidence for you.
Many practices have already claimed R&D tax relief to some extent and some of these may even have had a visit from specialist tax inspectors as a result of the claim. However, there is often more that can be claimed and the specialists can provide a second opinion.
Their service covers meetings with HMRC inspectors and supporting the claims in the event of an enquiry or other meeting. To date, all their claims have been accepted by HMRC as regards to technological and technical qualification.
We worked with a client on five qualifying projects:
- Development of new concepts for standardised off-site manufacturing processes
- Improved cladding technology for prefabricated applications
- Development of novel prefabricated volumetric construction above existing roof with reduced steel use
- Innovative green wall modular technology
- Design of a novel scheme based on Structural Insulated Panels (SIPs) for self-supporting prefabricated volumetric construction
We helped them by identifying all qualifying projects for 2014 and 2015 in one engagement, streamlining the input required from them. We also prepared a technical report on behalf of the client and submitted it to HMRC.
As a result, the client received a total of £32,000 in tax credits.