Levy Gera Tax Back Services

Hope everyone is having a great week and enjoying the change in temperature! Check in on your friends, family, colleagues and always remember to be kind 🌞

If you would like a free consultation with us please email [email protected]



https://www.linkedin.com/pulse/research-development-april-2024-levygeratax-vm3mf

www.linkedin.com

Though HMRC’s R&D incentive can be rewarding, it does stipulate that all innovations (advancements, appreciable improvements, creations or developments) constitute to R&D only as per HMRC’s criteria for claiming R&D Tax Credits. This is not to say a company should disqualify themselves because they are unsure; we see many companies who don’t think they qualify for HMRC’s R&D incentive actually undertake many projects that satisfy the eligibility criteria.

On the other hand, we also see many companies who think they qualify, and despite the merited innovations (in their own right) the projects they have undertaken do not qualify. This often leads to companies feeling frustrated or disheartened about their work. It is absolutely imperative that companies understand the kind of projects that may qualify before considering putting them forward.

HMRC’s R&D incentive is available to businesses of all sizes and across various sectors, this incentive encourages and rewards innovation, regardless of profitability.

If you want to speak with us about your projects or for review of your submissions by one of our chartered tax advisors, you can get in touch with us at [email protected]

Unlock the potential of your innovations with HMRC R&D Tax Credits!

Though HMRC’s R&D incentive can be rewarding, it does stipulate that all innovations (advancements, appreciable improvements, creations or developments) constitute to R&D only as per HMRC’s criteria for claiming R&D Tax Credits. This is not to say a company should disqualify themselves because they are unsure; we see many companies who don’t think they qualify for HMRC’s R&D incentive actually undertake many projects that satisfy the eligibility criteria.

On the other hand, we also see many companies who think they qualify, and despite the merited innovations (in their own right) the projects they have undertaken do not qualify. This often leads to companies feeling frustrated or disheartened about their work. It is absolutely imperative that companies understand the kind of projects that may qualify before considering putting them forward.

One of (and not the only) key pillars to understand before even considering eligibility for your project is that the company's project must be clearly linked to a field of science and/or technology, and through undertaking this project the company is seeking to or has achieved an advance in that field. There are many fields of science and technology that exist, including various multidisciplinary niches that overlap or intertwine various fields but if the field of science or technology your project is seeking to advance is not made clear in the details provided for your project because you have not addressed any specific uncertainties belonging to a field of science or technology, you can assume immediately your project will not qualify before even considering any of the other eligibility criteria, irrespective of how innovative or ingenious you feel your project may be.

Focusing on the latter, to give context as to some of things that do not constitute R&D, we will share with you insight into a company who came to us at the back end of last year after HMRC had rejected their claim. They asked us to review the claim for them.

Upon review of their submission covering 9 projects, along with HMRC’s enquiry documents, it was clear that the company had misunderstood some key fundamentals and were not quite grasping why their projects did not qualify.

Picking out one project in particular, in this instance, the company had seeked to improve a game called swing ball. Even though the company in its own right was seeking to innovate and create new / appreciably improved products, it was unclear to see what the scientific or technological merits of the project were, and relative to this how their development seeked to or achieved an advance in a field science or technology by overcoming specific scientific or technological uncertainties.
To give context, based on the information provided in the claim, it seemed the design of an existing product was being amended, and the company mentioned in its submission that the product will feature an integral carry handle, a water plug, an easy peel lid, will be self-standing, vertical stacking and having balancing feet. When referring to the scientific or technological uncertainties, the company just listed the requirements they intended for the product to feature. There was also no information provided to show why a competent professional (another key pillar that we will save for another time) within the field could not carry out these tasks business as usual.

The criteria clearly states the routine analysis, copying or adaptation of an existing product, process, service or material, will not be an advance in science or technology. Similarly, simply taking a pre-existing product and applying features in a new way does not advance or extend the overall knowledge or capability (in a field of science and technology) as the product itself already exists.

With any new or evolving process or product, challenges are to be expected, however in this instance HMRC expect that a competent professional could deduce pre-existing solutions and that these are challenges for the company, not uncertainties in an overall field of science and technology. If your projects do not address specific scientific or technological uncertainties and don’t seek to make or achieve an advance in a field of science or technology you can assume immediately that your project does not qualify.
HMRC’s verdict on the project, from the available information, was that none of the information provided by the company demonstrated how an advance in science or technology was achieved or attempted but rather the company had made improvements to a game that was a readily available product for commercial benefit.

The company, at this stage, had not provided any information to show how their project achieved or attempted to achieve an advance in a field of science or technology. Advancements in science or technology cannot be made or attempted if the project did not address specific scientific or technological uncertainties in the first place. If this was made clear or presentable, the grounds for the claim on that project may have been different.

We share this not, not to put off companies from applying or to be scared of claiming R&D but rather to demonstrate some of the foundational misunderstandings we see companies routinely fall short on.

HMRC’s R&D incentive is available to businesses of all sizes and across various sectors, this incentive encourages and rewards innovation, regardless of profitability.

If you want to speak with us about your projects or for review of your submissions by one of our chartered tax advisors, you can get in touch with us at [email protected]
🌐 levygera.com

We were delighted to be invited earlier this week to the House of Commons event sponsored and hosted by Angela Richardson MP & Deputy Chairwoman of the Conservative Party, celebrating YBC's 10-year anniversary of excellency. Great company, conversations and scones! Throughout the day various other Members of Parliament paid visit, including Paul Scully MP, Paul Beresford MP and Jonathan Lord MP, all of whom support YBC's fantastic initiatives to help businesses in the UK 💪

YBC is dedicated to creating positive and meaningful change, community spirit, confidence, and immense support for businesses across the UK. Regardless of where your business stands, YBC offers valuable assistance.

Sometimes we see people / communities be quick to foster negativity, upholding and promoting selling out of values (sell out culture) or focus on criticising others and moaning (which sometimes is needed) but how many of us truly aim to nurture others in a way that is kind, sincere and truly for another's best interest? Your Business Community stands out by providing an inclusive, kind, and valuable community where you can flourish, both online and offline. Their values create a safe space where businesses (and it's people) can experience genuine care and insights from real insiders who have your best interests at heart. YBC's 10 year anniversary is testimony to that commitment.

Just one of the things we love about YBC is the fact it unites people in a professional capacity through sociable experiences such as breakfast meetups and after work get togethers, on occasions where you are having a busy or lonely week due to demanding deadlines for example, stuff like this can really help change the dynamic and lighten things up ❤️

From HR matters to mental health support, payroll services, mentoring, business banking, health insurance, professional development and education, YBC provides a wide range of resources that can help your business.

Your Business Community collaborates with various partners, including The Evening Standard , Tech Star, Capital Kids London, Brunel University London, Anna Bank, Levy Gera Tax Back Services and Birmingham Telecom, among others, and helps over 4000 dedicated members amongst its 80,000+ network. All members and partners receive comprehensive support and become part of a vibrant community dedicated to meaningful impact and business excellency 🌟

We benefit professionally in many ways from their ecosystem, allowing us to continue to thrive, with their assistance, your business can thrive too.

Congratulations to Ted Wigzell - Business Simplifier - Business Connector Mia Flanagan-Connecting Businesses all over UK and the entire Your Business Community on a decade of hard work and excellence. Thank you to everyone for a lovely experience and here's to more success 🥂

You and your business matter at Your Business Community 👑

hashtag hashtag hashtag # hashtag hashtag hashtag hashtag

Discover the difference with Levy Gera Tax Back Services! 🙌

Hello!

We are Levy Gera Tax Back Services, recently recognised as Best Tax Recovery Company 2024, by Business Elite Awards, we are a boutique tax consultancy who help SMEs in the UK discover and utilise tax relief opportunities available to them. Our aim is to support businesses by helping them receive the full benefit for their hard work.

At present, we support clients across a wide range of industries, with flagship clients in most sectors of the economy, including various sub-disciplines and niche multidisciplinary sectors. Some of the areas in which we can assist companies include restructuring, share schemes, EIS/SEIS, R&D Tax Credits, Capital Allowances, Land Remediation Relief, as well as a broad range of advisory and accountancy services.

As a value-driven business, our fees are solely derived from the value we offer our clients. We win, when you win.

With a team of chartered tax and accounting specialists, complemented by technical industry specialists and legal experts, when necessary, plus a dedicated client support team available seven days a week, Levy Gera Tax Back Services offer one of the most comprehensive tax services in the market today. We take pride in delivering a Gold Standard service to all of our clients.

Although we are new to LinkedIn and other social channels we believe it is high time we introduce ourselves to all businesses that may benefit from our services.

We eagerly anticipate connecting with you, learning together, exchanging valuable insights, and, of course, if you have any queries or wish to schedule a complimentary discovery call, please contact [email protected] – our door is always open.

www.levygera.com