TAX CREDIT SCHEME COULD BE A LIFE SAVER FOR SMALL BUSINESSES

A further example comes with a startup business specialising in cloud-based payment processing systems. Up to 80 per cent of the company’s costs qualify for R & D tax credits and it recently submitted a claim for £160,000 covering its payroll for two months.

Significantly, the firm’s claim is calculated within two weeks of Whitley Stimpson receiving the data and processed within six weeks of the firm’s year-end.

Whitley Stimpson director Jonathan Walton said: “We have worked with a vast range of businesses from a roofing and construction firm to a company which developed a face recognition mirror.

“In the case of the start-up business with no income, these tax credits have kept the company alive. It’s not about reducing profits because the firm is purely involved in R&D and all they have is expense.

“The directors can cash in the value of their R&D claim and then receive a refund back from the Government within 30 days of their corporation tax return having been submitted.”

Significantly, Whitley Stimpson works on an hourly rate for this work rather than taking a percentage of the tax saved.

Jonathan added:: “The fees we charge are far less than the specialist R&D niche firms which take up to 30 per cent of the savings.

“We ensure the claim is genuine and thorough and we have never had one rejected. We do 80 per cent of the work inhouse and for more complicated claims we will bring in a technical expert.”

For more information about how Whitley Stimpson can support your business visit www.whitleystimpson.co.uk Banbury |