Research and Development (R&D) Tax Credits is a government-led scheme introduced in the year 2000, designed to reward businesses investing in innovation. R&D Tax Credits offer financial aid to eligible businesses to further support their research and development.

“It means that eligible businesses can reclaim substantial amounts of their spending” says Founder of Glasgow-based Harmoney Consulting Group, which specialises in helping businesses with R&D Tax Relief Claims.

“If you are designing, developing, or improving a product or service, or solving a problem with no existing solution then you could be eligible to claim. The scheme works by reimbursing a percentage of your development expenditure. Your relief can be delivered as a refund, a reduction on your tax corporation bill, or a cash lump sum.”

Harmoney Consulting Group provides support to clients by putting together an R&D technical report which acts as a justification as to why the client could be entitled to claim R&D Tax Credits. This report is then sent to the client to review before the claim is submitted.

The claim process, he adds, is straightforward. “People can actually do it themselves, however, using a specialist in this area will ensure the claim is robust and that the exercise is carried out correctly.

 

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“We go into a great level of detail and it takes us about six to eight weeks to build a report –we do all of the work in the background. We then follow up with another conversation and send the report to the client to review to make sure that they are comfortable with it before it is submitted to HMRC.”

Harmoney Consulting Group are Financial Experts formed in order to ensure that smaller companies get the expert tax and innovation funding advice that larger corporations have access to.

The founder of Harmoney Consulting Group notes: “We understand that some companies don’t have the time or resources to navigate the complexities of HMRC regulations, but with our in-house R&D Tax Relief experts, we are able to understand your business and help you produce a robust claim.”