The poster boys for R&D claims – science and technology businesses. This is the sector that most people think you have to be a part of to even make a claim (which isn’t true, of course). So it makes complete sense that many businesses working in this area are going to be excellent candidates for R&D claims. If that’s you, then get in touch.
Research and development is pretty much the name of the game when it comes to science and technology businesses, so there are probably many things that you’re doing within the business that could form part of a successful R&D claim.
The important thing to do now is to give us a call, wow us with what it is you’re getting up to “in the lab” and we’ll let you know what is and isn’t eligible.
(Note – if you’re growing various radioactive insects that will create an army of superheroes, you’ll almost certainly be eligible. Because that’s what goes on in labs, right?)
Can you do your own R&D claim?
Yes, of course you can! In the same way you can do all of your company’s accounts, marketing, sales, and everything else. It is possible. But most of the time we leave the trickier, more specialist and time-consuming jobs to the experts (by hiring them or outsourcing the work).
Just understand that the key to a successful R&D tax claim is to present things in the right way for the tax man (and fight your corner when needed) – which can be the tricky part. Knowing how to do this effectively is only something that you get better at with a lot of experience – which we’re very blessed to already have at Lumo.
If you do decide to do your own R&D claims then great – we want to see more companies taking advantage of this awesome government initiative! However, if you’d like us to take a look, and make the process as easy and simple as we do for hundreds of other businesses, then get in touch and we’ll be happy to save you the time and keep disruptions to a minimum.