R&D covers many aspects of business within the care sector – from software development to cleaning products, food products to a new light bulb – the only catch is that you are doing something innovative without a guarantee that it will be successful – this means that Care Homes have many ways to qualify for R&D!
Statistics have found that although around 800,000 businesses are likely to be eligible for R&D tax relief, just 5-6% are claiming it.
A new cleaning product
A new food product
Researching into and developing prototypes
A new piece of technology (E.g., a database of residents that you have created in house)
Creating furniture (your own blueprints)
Making meal/exercise plans for residents
Research alongside Universities (You could be finding a way to improve the quality of life for those with cognitive impairment, for example)
These are just some vague ideas of what you can claim. As you can see, everything on this list could be described as new and innovative, however, they also carry an uncertainty whether they will succeed. That is exactly what HMRC are looking for.
It all starts with a free, no-obligation consultation with one of our innovation relief specialists. This means that finding out if you’re eligible won’t cost you a penny. Our specialist will give you an in-depth explanation of what research and development is and what qualifies – asking you for some examples of activities your business conducts that you think may qualify for R&D tax relief.
Once a basic understanding has been established, you will be asked to send across your end of year accounts, CT600, and some other basic information. An estimated figure will be made for your refund – then your claim will be submitted. We have a 100% success rate past this point – your money is guaranteed!
