PSSA Newsletter - Issue 28

– 16 – Newsletter sponsor: www.highwaycare.com NEWS  |  ISSUE 28 Last month’s CEA (Construction Equipment Association) Power Hour on R&D Tax Credits was a resounding success. The webinar was both useful and thought-provoking and many of the companies that participated discovered that they could claim for R&D Tax Credits but had not realised this before joining the webinar. MPA’s IainWarburton covers some of the key points for PSSA members… As a business leader, survive and thrive are two big items on your agenda. Survive with an aim to emerge with a strong reputation with clients and to thrive even though it may be hard to see now, but the seeds of the next great growth industries and businesses are taking root. So it’s important to spend your valuable time wisely and let someone support you on driving financial and innovation benefits through the R&D Tax Credit Scheme, but what is it? V It’s a Government financial reward for innovative businesses V The Government needs to encourage businesses to innovate as there is a very strong correlation between R&D and economic growth. V R&D Tax Credits are a key part of the UK Industrial Strategy V If you’re staying ahead of the market, you must be doing something innovative. HMRC say R&D is advancing science and technology by overcoming complex technical uncertainties, but what does that mean and how would it apply to you? Both R&D and innovation are when you move things forward, you overcome challenges like, how can we produce a product for 1p cheaper, 2% lighter, increase throughput by 10%. These are just some of the issues that businesses have to solve on a regular basis. Once R&D is identified, staffing costs such as PAYE, agency staff and sub-contractors could be included in your claim along with items such as consumed materials, software and utilities. It may even be possible to go back 2 accounting years if your business has not claimed before. R&D tax credits are a great way to improve cashflow for profit and loss-making companies who can both benefit from the scheme. If your business is a profit-making SME, you can claim up to 25% of the costs associated with R&D. If you are a loss-making business, you can claim up to 33%. The claim process can be very quick from the time to process a claim and the time it takes for HMRC to release the funds to you. How to get a cash injection into your business with R&D Tax Credits MPA has over 12 years’ experience in compiling robust, compliant and efficient claims, in uncovering all eligible R&D activity. Simple key steps with our industry experts will ensure you can get back to doing what you do best, staying focused on surviving and thriving. MPA would love to help your business and for you to benefit from the R&D Tax Credit Scheme. We can also explore and advise if you could further benefit from Accounting services and Patent Box . Take the first step and find out more, contact us online or call IainWarburton on 07519 070636. If you missed the MPA, CEA Power Hour you can watch it here on YouTube https://www.youtube.com/watch?v=z-tIYEY-7_E&t=1s