£250k Cashback for Software Business
Bournemouth-based consultant Rob Sowden of Business Cash Enabler reports a phenomenal government cashback for one of his software clients.
Rob reports “I set up the owner of this software/data analytics business 3 years ago on the HMRC Research & Development tax credit scheme and so far the business has received in excess of £250k cashback.
“Many businesses and their advisors haven’t associated the R&D tax credit scheme with the digital sector, however, innovation including software development, writing APIs, algorithms, coding, Big Data analytics and app development, can all potentially meet the scheme criteria. PAYE and even costs incurred from offshore developers may qualify for cashback.
“What catches many businesses out is that they believe this claim opportunity is an accountancy work-stream, resulting in low claim values, whereas it is about technology. The service I introduced this client to required a specialist IT/software analyst to identify all of the qualifying activities permitted within legislation.
“This client case is the tip of the iceberg. In the past 3 years I have been able to identify around £20m of missed qualifying expenditure that enabled businesses to benefit from this very generous government scheme. It is well worth asking for a free eligibility check, even if a business has previously benefited under the scheme, as claim values for the prior two accounting periods can often be uplifted by up to 200%, creating an unexpected and welcome cash injection to a business.”
Business Cash Enabler provides a free service to companies wishing to check their eligibility for innovation tax relief and commercial property tax relief.
Published 20/03/19 by Rob SowdenJoin the BPA today for as little as £22.50