Research & Development

The Research & Development tax credits scheme is a generous Government initiative designed to stimulate business growth through increased business tax deductions and direct cash injections.

Vora & Company has a thorough understanding of the rules of this scheme and can help you maximize your claims.

Many businesses are missing out because they think they will not qualify but the scheme is not just for laboratory based ‘blue sky’ projects. Technological, engineering and computing software projects are just some of the areas that can also qualify. The key criteria are that you are being innovative and advancing knowledge in your field of business.

If you can answer yes to any of these questions then you may qualify for R&D and you need to talk to us.

• Do you manufacture anything?

• Do you develop your own software?

• Do you carry out design work?

• Do you use existing technologies in a unique way or are you combining existing technologies in a way never previously done?

• Have you adapted existing technologies to reduce production costs or times, or to reduce waste or improve scalability?

• Have you developed or adapted computer software?

• Have you written new computer algorithms or languages?

The SME (Small and Medium Enterprises) scheme allows you to claim a tax deduction of 225% of your actual expenditure on the project. Not all expenditure will qualify but Vora & Company has a proven methodology to ensure that your claim will be as complete as possible. And if you are loss making, you can surrender your loss for a cash refund from HMRC.

Qualifying expenditure

• Staff costs (salaries, employer NIC etc)

• Consumable items such as materials and energy costs

• Software used in R&D

• Payments to external sub-contractors assisting your R&D project

• Accelerated deductions for capital expenditure

Business areas that have benefited

• Mechanical Engineering

• Manufacturing

• Electronics

• Construction

• IT/Software

• Pharmaceuticals

• Biotechnology