At first glance you might think this is an article about claims that have gone horribly wrong….but oh no, it is so much worse.
Read on to find out how three businesses missed out on a collective sum of £150K. 😱😱😱😱
Here’s the tale of three businesses who innocently lost their rights to £150K. By simply doing nothing. Shudder.
It all begins with a DEADLINE:
YOU CAN MAKE A CLAIM FOR R&D RELIEF UP TO 2 YEARS AFTER THE END OF THE ACCOUNTING PERIOD IT RELATES TO. MISS THIS?
YOUR TAX RELIEF IS GONE FOREVER.
Misfortune of Imagination Construction
Dave and his team developed a new piece of construction equipment back in 2015. They’d invested heavily in staff for the project, testing materials and working with a subcontractor for aspects of the build.
But there was a problem. Dave’s Accountant told him he wasn’t eligible to claim R&D Tax Relief. It wasn’t until 2019 when an accountant friend approached him with the facts.
MONEY LOST….£40K CASH BACK FROM HMRC
Disaster of NewHorizon Digital
NewHorizon were a Digital Agency specialising in building client communication strategies. They always thought R&D Tax Relief could apply to their mobile app & web builds. Unfortunately, as an SME time was precious and never on their side. One day the FD received an email advising there was a deadline for making R&D claims.
MONEY LOST….£98K CASH BACK FROM HMRC OVER 2 YEARS
Trials & Tribulations of Taste First
Marco & his team at Taste First bistro spent huge amounts of time and effort carefully crafting the perfect menu with beautiful tasting options to cater for all kinds of diets, without losing the appearance, taste, texture and experience of the original dishes. As a small bistro with only a handful of staff Marco had no awareness at all of the relief until an R&D Specialist approached him out of the blue….
MONEY LOST….£14K CASH BACK OVER 2 YEARS