Place North West, in partnership with Recoup Capital, is offering the property community the opportunity to gain financial assistance through tax rebates on problem-solving work done within development projects.
In the UK, companies can claim tax relief for research and development activities. This includes many of the activities carried out as part of property development, consultancy and construction.
- Groundwork and sub-structural issues
- Environmental issues
- Parking and transport issues
- Energy efficiency of homes, how this was achieved
- Planning conditions imposed by local authorities and how these were overcome
- Any modular build element
- Making properties disabled friendly
- How space was maximised in a project
- Any issues with services on site
- Any conservation / listed building issues
Recoup is already working with some of the largest names in property in North West from architects, developers, construction contractors, town planners, office fit-out, hotels, care homes, furniture providers, civil engineers, M&E, fire safety companies, manufacturers and more.
Luke Averill, managing director, said: “In Q1 we claimed back £3.24m for companies in the North West, 80% in the property sector.”
This government scheme is designed to boost innovation by supporting businesses who seek to improve or overcome challenges in their products or processes.
The scheme is administered by HMRC, which aims to clear 95% of tax credit claims within 28 days and is currently meeting this aim. Chancellor Rishi Sunak, in his Budget in early March, increased R&D funding to £22bn a year with a further 15% increase promised for the following year.
Research and Development Tax Credits is an area largely misunderstood by the business community with HMRC finding that only 5% of eligible firms make a claim under the relevant legislation.
Typically, companies can reclaim up to 33% of qualifying expenditure in the form of a corporation tax credit or a cash payment if they are in a tax loss position.
The process from engagement to receipt of refund typically takes eight weeks and all would be completed on a No Win, No Fee basis.
The process employed by Recoup seeks to minimise the involvement of senior management, requiring only up to 1.5 hours of management time.
Are you eligible?
If you answer ‘yes’ to any of these questions there is a good chance you are eligible.
- Do you design and make products?
- Do you suggest and provide more cost-effective processes?
- Do you suggest and provide more time-efficient processes?
- Do you spend time researching and developing current projects?
- Do you seek to improve processes, services, materials or devices?
- Do you make prototypes or perform testing?
- Do you develop software or IT solutions?
- Have you invested in failed project or developed products that are never launched?
- Have you bettered a process?
- Do you employ any staff with a technical or scientific background?
Recoup Capital has successfully claimed millions of pounds in tax rebates for hundreds of companies through cash payments and reduced corporation tax bills.