About Libcus
Libcus: Unlocking the Potential of R&D Tax Credits for UK Companies
Innovation is the lifeblood of any successful business. It drives growth, creates new opportunities, and keeps companies ahead of the competition. However, innovation also requires investment - in research, development, and experimentation. For many UK companies, this investment can be a significant financial burden that limits their ability to innovate and grow.
Fortunately, there is a solution: Research & Development (R&D) tax credits. These government incentives are designed to encourage and reward UK companies investing in innovation by providing tax relief on qualifying R&D expenditure.
At Libcus, we specialize in helping businesses unlock the full potential of R&D tax credits. Our team of experts has years of experience working with companies across a wide range of industries to identify eligible projects and maximize their claims.
What Are R&D Tax Credits?
R&D tax credits were introduced by the UK government in 2000 as part of an effort to boost innovation and competitiveness among British businesses. The scheme provides relief on qualifying expenditure related to research and development activities.
There are two types of R&D tax credits available:
1) SME Scheme - This scheme is designed for small or medium-sized enterprises (SMEs) with fewer than 500 employees that have an annual turnover not exceeding €100 million or a balance sheet total not exceeding €86 million. Under this scheme, SMEs can claim up to 33% back on eligible costs incurred during qualifying R&D projects.
2) Research & Development Expenditure Credit (RDEC) Scheme - This scheme is available for larger companies or those that do not meet the criteria for the SME scheme. Under this scheme, eligible companies can claim up to 13% back on qualifying expenditure related to research and development activities.
What Qualifies as Eligible Expenditure?
To qualify for R&D tax credits under either scheme, your company must be able to demonstrate that it has incurred eligible expenditure related to qualifying R&D projects. Eligible expenditure can include:
- Staff costs, including salaries, employer's NICs, and pension contributions
- Materials and consumables used in the R&D process
- Software used in the R&D process
- Subcontractor costs for externally provided workers or services directly related to the R&D project
Qualifying R&D projects must meet certain criteria set out by HM Revenue & Customs (HMRC). These criteria include:
- The project must seek to achieve an advance in science or technology
- The project must involve overcoming scientific or technological uncertainties
- The project must not be easily deducible by a competent professional in the field
How Can Libcus Help?
At Libcus, we understand that navigating the complex world of tax credits can be daunting for many businesses. That's why we offer a comprehensive range of services designed to help you maximize your claim while minimizing your administrative burden.
Our team of experts will work with you to identify eligible projects and ensure that all qualifying expenditure is included in your claim. We'll also provide guidance on how best to structure your claim to ensure that it meets HMRC's requirements.
In addition, we offer ongoing support throughout the claims process, including liaising with HMRC on your behalf and providing advice on any queries or challenges that may arise.
Why Choose Libcus?
Choosing a partner for your R&D tax credit claims is an important decision. At Libcus, we believe that our expertise and commitment set us apart from other providers.
Here are just a few reasons why you should choose us:
1) Experience - Our team has years of experience working with companies across a wide range of industries. We have helped businesses of all sizes unlock millions of pounds in tax relief through our expert guidance.
2) Expertise - Our team includes qualified accountants and tax professionals who specialize in R&D tax credits. We stay up-to-date with the latest legislation and guidance to ensure that our clients receive the best possible advice.
3) Personalized Service - We understand that every business is unique. That's why we offer a personalized service tailored to your specific needs. We'll work with you to understand your business and identify eligible projects that can help you maximize your claim.
4) Competitive Pricing - We believe that our services should be accessible to businesses of all sizes. That's why we offer competitive pricing structures designed to provide maximum value for our clients.
Unlock Your Business's Potential Today
If you're a UK-based company investing in innovation, R&D tax credits could be the key to unlocking your business's potential. At Libcus, we're here to help you navigate the complex world of tax credits and maximize your claim.
Contact us today to learn more about how we can help you unlock the full potential of R&D tax credits for your business.