Whilst information about COVID-19 and its impact on UK businesses and employees is being released daily, most people are starting to think about what’s next for the business, how long will lockdown last and how long will it take to recover.
A question for those business involved in design, research and development of products, processes, systems and materials…have you considered looking back at what you achieved over the last 2 years?
If not, then now would seem the perfect opportunity to consider whether any projects undertaken within during this time would qualify for Research & Development (R&D) tax credits. With corporation tax repayments totalling c.25% for every £1 spent on qualifying activities, you could unlock additional revenue to assist with cash flow in these uncertain times.
If you have any projects that may potentially fall under the remit of R&D please contact our R&D tax specialist, Jon Connor, for a free assessment.
Will my R&D tax credits claim be affected if I apply for a CBILS loan?
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to SME businesses that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak. More information about this can be found here. You’ll still be eligible for R&D tax credits if you decide to take out a CBILS loan, however, if you are considering doing this, please contact Jon using the button below to understand the impact this will have on your R&D claim.
This information is correct as of 26 March 2020. This blog is for general guidance only. Recipients should not act upon any of the information provided without seeking specific professional advice tailored to your circumstances, requirements or needs. Please contact PM+M before making any decisions based on any matters relating to this blog.