Partner Profile : Research and Development Tax Credits (UK)
How do you get a tax credit for the investment made in Research and Development?
The partner network in the Canopy Community helps our members to solve problems quicker and better. Each partner is well known before we recommend them. You can be sure of a trusted partner who is startup friendly and who is a proactive contributor to the community as a whole. These partners are “citizen organisation”. The founders of these partner companies are often also members of #tribe.
Problem
How do you get a tax credit for the investment made in Research and Development?
Solution
You can apply yourself, but this has a tendency to be a bit bumpy / inefficient (at least at first). You’ve also got to keep on top of the legislation to know what you can and can’t claim.
So the best way to do it - and to make sure you get the best possible, maximum, claim put together - is to work with an agency or consultancy on a contingent basis. That means they take a percentage of what is achieved, not an upfront fee.
Remember you don’t have to be profit making to take advantage of this program.
Partner options
The personal service - Granted - https://grantedltd.co.uk/services/rd-tax-credits/ - Speak with Tom
Awesome integration with Xero - RD Vault - https://rdvault.co.uk/ - Speak with Warren
Platform a plenty - Seedlegals - https://seedlegals.com/grow/rd-tax-credit-claim/ - speak with Danny
Canopy reflections
Don’t leave this kind of money on the table.
If you are investing in Research and Development, creating new intellectual property, software or designs then this is probably a great way to enhance your ability to do more - and move to profitability quicker.
Build this in from the 1st year, as part of your finance strategy.