Using R&D Tax Credits to Fund Innova7on
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1 Using R&D Tax Credits to Fund Innova7on Developing & Funding R&D Strategies in the Food Sector 22 March 2016
2 What we ll talk about 1. A bit about us 2. Why R&D tax credits are important 3. Common misconcep7ons 4. Some food sector examples 5. How it works 6. Poten7al tax savings 7. How we can work together
3 About us ip tax solu+ons: innova+on tax specialists We help companies access & maximise government tax incentives Specialists in R&D tax relief Based in Wales clients span the UK My background
4 R&D tax credits: Why are they important? Background Aim: UK to be one of the most competitive places to do business in the G20 R&D tax scheme: rewards qualifying companies Three schemes SME scheme is most generous Introduced in years+ - still under utilised : 495 claims in Wales - 15m tax relief claimed (16,060 claims and 780m claimed UK) SMEs: one of the single best sources of funding
5 But we don t do R&D...? Common misconception Breadth of application Key points: Seek an advance in your industry Seek to overcome technical uncertainty Take on financial and commercial risk Many companies are engaged in this work but don t realise that they qualify!
6 Food sector: Examples of poten7ally qualifying projects Examples (not exhaus7ve): Developing recipe formulations for new food products, flavourings, preservation etc Seeking to improve existing food product formulations to enhance flavour, appearance, texture, preservation, nutritional content etc Developing new production process specifications / techniques e.g. agitation, batching sequences and cooking temperatures and durations Improving existing production processes to improve efficiency or reduce waste etc Developing new machinery and equipment for the manufacture and testing of food products Developing new packaging designs to provide enhanced functionality or increased product shelf life Developing prototype product samples for testing and validation of new recipe formulations
7 How does it work? Company tax return claim retrospective (2 yrs) 230% super deduction applied to qualifying costs: Gross salary costs; Employer s NIC, pensions - % time Subcontracted R&D costs - restricted to 65% Consumables materials, ingredients etc used in R&D Company paying CT: reduction in tax payable Company with no taxable profit / losses: can surrender for R&D tax credit (or carry forward / carry back / group relief)
8 What are the poten7al tax savings? Profitable / tax paying company Say 100,000 of qualifying costs (salary + consumables etc): 230% enhancement results in further deduction against taxable profits of 130,000 Tax saving of 26,000 at current CT rate (20%) 26% effective rate tax saving on net qualifying cost
9 What are the poten7al tax savings? Loss making company Say 100,000 qualifying costs: 230% enhancement results in further deduction against taxable profits of 130,000 Results in an enhanced tax loss of 230,000 Can surrender for a tax credit of 33,350 (14.5%) 33.4% effective rate tax saving on net qualifying cost It doesn t matter if the company has paid nil CT / PAYE etc not a refund of tax previously suffered R&D tax relief can result in a win-win: a recovery of CT paid in the period PLUS R&D tax credits (if claim flips it into loss-making)
10 How we can work together Our process Initial no obligation exploratory conversation We can work alongside your existing accountants We prepare a technical report plus claim calculations (in a format that HMRC prefer) We work with HMRC to agree your claim Typically 6-8 weeks: for you to receive a cheque from HMRC We are proud of our 100% success record
11 Contact us Steve Livingston Director Mob: Website:
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