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Tax Cloud - COVID-19 Update

At this time of worry and concern about COVID-19, the team at Myriad & Tax Cloud fully appreciates the disruption to all our usual lives, both at work and at home. Our thoughts are with all those who have been personally affected by the pandemic as well as for businesses that are facing some very challenging times.

Fortunately, we can confirm that it is ‘business as usual’ at Myriad & Tax Cloud with all team members able to work remotely from home.

Recently we've been in discussion with HMRC about R&D tax processing times. We are pleased to report that HMRC have told us the majority of SME R&D tax credit payable claims are being processed within 28 days.  A small number of claims (approximately 80) and some RDEC claims have been delayed while they adjust to home working. HMRC have redeployed resources to deal with these claims and expect to have cleared those outstanding by 20 April.

Again, we would strongly recommend that if you have an R&D tax claim to make that you get this submitted to HMRC as soon as possible.  Not only will this give your business a much needed cash injection, it will also mean that you’re at the front of the queue with HMRC.

What are R&D Tax Credits and how can the scheme help my business?

R&D (research and development) Tax Credits enable companies to either reduce their Corporation Tax liability or for loss-making companies to surrender losses for a lump sum. Quite simply, they offer a cash injection for R&D work that has already been undertaken. The resulting money can essentially then be spent in any way a company sees fit, with many reinvesting it back into further R&D activities. Not taking advantage of the R&D Tax Credits scheme can mean missing out on thousands of pounds.

The scheme was launched back in the early 2000s to incentivise UK businesses to innovate. Growing companies take over new sites, make leaps forward in science and technology and employ more staff - all of which boosts government tax take.

R&D Tax Credits can be claimed by any UK company in any sector or industry. The range of eligible costs and projects is vast, and the only real proviso is that an appreciable advancement in science or technology should be made. This could be by developing a new product, process or service for instance, or by substantially improving an existing one.

SMEs can claim up to 33 pence back for every pound spent on eligible activities, so we’re not talking pocket change here. For larger companies claiming under the RDEC scheme the relief is less generous but claims tend to be much bigger.

Find out everything you need to know on our R&D Tax Credits webpage.

Has your company undergone innovative activities recently?

Myriad Associates is made up of a team of expert R&D accountants and specialists all ready and waiting to help you get the money your innovative business deserves. Our proven success rate speaks for itself, so you know you’re making fully optimised, accurate claim.

What other support packages are available?

A large number of emergency measures have been taken, alongside more long term help, which businesses can also benefit from. They were announced by Chancellor Rishi Sunak during the last week of March, as the reality of coronavirus COVID-19 really hit home. Here we’ve rounded up some of the key points: What Are The New Support Packages Available For UK Businesses During The Coronavirus COVID-19 Crisis?