ForrestBrown explains the R&D Tax Credits incentive to MMMA Members.

R&D tax credits are a reward for businesses that have already invested in staff, materials and other project overheads. However, despite the manufacturing sector’s reputation for innovation, the incentives have largely been under used by manufacturing businesses.

R&D tax credits specialist ForrestBrown can help explain the benefits and how you can access the incentive. ForrestBrown’s Adam Kotas says, “Whether your investment is part of a digital transformation or a more physical one – the development or modification of a specialist piece of kit, for example – your business could well be entitled to R&D tax credits. This is a debt-free cash benefit from the government and we can complete the process for you within weeks. Our chartered tax adviser status means we deliver the maximum value with quality assurance built in.”

Under the government’s R&D guidelines, a loss-making SME can recoup up to a third of money spent on R&D, while a profit-making SME can recoup 25% – a significant contribution either way and perhaps that boost you need while cashflow is tight.

Since the start of lockdown, ForrestBrown has delivered over £35m back to its clients via R&D tax credits – funding which has made a significant impact to those businesses. In some circumstances, claims can be prepared in just two to three weeks, and with HMRC able to process claims in 28 days, businesses could see a cash injection resulting from R&D tax credits in as little as six weeks.

For those who have not previously considered this funding incentive and would like to know more, or would like to check their existing process is maximised, members can contact a.kotas@forrestbrown.co.uk or visit www.forrestbrown.co.uk for more information.

Click here to find out more in-depth information regarding the scheme, and how it can benefit your organisation.