Where Is The R&D In Control Panel Assembly?
Is your business in assembling control panels or similar systems such as switchboards, to a bespoke design and if so is that research and development?
…You might be helping your clients to be more energy efficient by reducing their energy consumption, or improving safety, or modernising their equipment with the latest control devices.
You get involved in developing, sometimes quite complex, software and you might need to subcontract out some specialist activities.
You could be involved in the integration of your kit with another system. Or you might have been commissioned to design a replacement and more up to date control solution for an existing generator or turbine or a new piece of switch-gear.
Your larger clients have quite a bit of kit and machinery and you have to integrate your system into their system and that gives rise to another set of problems to solve – the information manufacturers supply and the way the plant and machinery has been installed does not always makes sense and your client is unable to provide you with usable information, so you have to test your client’s machinery before you can do any development.
No system is complete until you have gone through a process of development, trials, testing and refining to make sure the specification is going to be met and everything is working properly and there are some uncertainties as to the optimum solution and it is not immediately clear what will work best.
Does that sound like what you do? Does it sound like your company?
If it does and you have not looked into claiming Research and Development Tax Credits or Tax Relief you could be leaving valuable cash on the table. The Government’s R&D tax relief scheme covers small and medium enterprises (SMEs) and is for companies (like you) that are doing complex developments where there are risks involved and you are holding those risks. They want to encourage you to be innovative and they want to support your company to be at and stay at the forefront in delivering efficient, state of the art solutions to you clients.
You can look into claiming R&D tax relief for the past two years and for the current year…… it would be remiss not to seek advice now, before your current year end.
Finding out whether you qualify and the claims process need not be time consuming or costly, start by having a telephone conversation with a specialist and that initial phone conversation should be enough for you to get a feel for whether you are doing R&D and a rough idea of the value to your company from making a claim. You can then decide whether to take the next step and get help in putting your claim together.
Most specialist company’s (and that includes cobizfunding.co.uk) will bill you on a percentage of the benefits you get back from a successful claim – the fees generally range from 12.5% to 25% of the value in tax rebates/relief or tax credits (tax credits can be paid if you company made a loss in the year).
Should you be claiming? Well wouldn’t it be a good idea to check?
Are you ready to find out if you qualify or how much your R&D claims could be worth?