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Episode 20 of 65

020 Leverage Your Innovation by Claiming R&D Tax Credits to Get Cash Back into Your Business

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R&D tax credits is a government scheme aimed to support business innovation. R&D tax enables the business to reclaim or reduce tax paid or to surrender any losses for tax credits. Claiming R&D tax relief can leverage work you’ve already done and bring you a cash injection. Not claiming R&D tax relief means you’re leaving more than money on the table – time to recognise the hidden value in your business. In this episode, I interview Gaynor Gosling about just what’s involved in claiming R&D tax relief for research and development: what kinds of innovation or investments are eligible, what the process involves and how it can release cash back into your business that you wouldn’t otherwise have access to. Any way to get money back into your business is a great way to leverage work you may have done, are already be doing or planning to do. But dealing with HMRC and the government claims can be daunting, painful and frustrating and many small companies end up giving up or not bothering. In our conversation, we reveal examples that small businesses like consulting practices and even sole traders may not realise they could be claiming R&D tax credits for to get back hard earned money. Anywhere in your business you have done innovation, it’s worth checking if you could make a claim. Gaynor Gosling works with RandD Tax Credits who help business to navigate the claim process, advising on if you qualify for R&D tax relief, what you’re entitled to, interpreting the rules and putting together the report for HMRC. And when she’s not having fun helping people with R&D, Gaynor loves a bit of Zumba or a walk out with her goats – yep, unmissable! All the links in the episode show notes at http://leveragebusinesspodcast.com