Jumpstart at the Chambers.
We’ve arrived… and delighted to be part of the Scottish Chambers of Commerce preferred supplier list. As industry specialists Jumpstart will give Chamber members a helping hand in securing R&D tax credits.
Introduced in 2000, R&D tax credits are the Government's way of encouraging exciting new products and services.
Because by helping to reduce some of the financial risk for companies, the Government hopes they'll find new and innovative techniques to make the UK more competitive internationally.
Who is eligible?
The Government's R&D tax credits scheme isn't just for companies with R&D departments and people in white coats.
Indeed, you may be surprised to discover that any company that spends money trying to improve a product or service through a technological advance, using qualified staff and appropriate project controls, and where there's doubt about the project's success, is likely to be eligible.
Over 6,600 SMEs and 1,760 Large Companies are already claiming more than £980m each year in R&D tax relief from HMRC, but many more thousands aren't.
Is your company one of them?
How can Chamber members benefit?
From April 2012, companies have been able to deduct up to 225% of qualifying expenditure when calculating their profit for tax purposes. What's more, they can claim R&D tax relief on expenditure that's up to three years old.
The precise size of the tax credit will depend on the size of the company, its tax rate and how many of their activities are eligible. Smaller companies, for example, can claim at a higher rate and qualify for extra financial support if they're loss making.
How do Chamber members make a claim?
Chamber members can make a claim themselves – by compiling a detailed technical report and exhaustive financial documentation. HMRC provides plenty of guidance and advice – it runs to several hundred pages in fact. (It starts here.)
Or they could leave it to Jumpstart, safe in the knowledge that if they don't ultimately qualify for R&D tax credits they won't pay Jumpstart a thing.
Jumpstart has a proven track record in making successful R&D tax credit claims. They know what to claim, how to claim and, perhaps most importantly of all, the many pitfalls to avoid.
For a free screening or to find out more get in touch with your local Chamber or contact Cara Boag at Jumpstart either by email at firstname.lastname@example.org or call Cara on 0131 240 2900 quoting your membership number and the Chamber you are a member of.