The BOSS Federation is the trade association which serves the UK office supplies and services industry by providing a range of initiatives, cost saving benefits and services, to enhance the business performance of its members.

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R&D Tax Credits

Towards the end of last year, the Government's Autumn Statement increased the amount of tax relief that can be claimed for any R&D and innovation undertaken.

In order to help members benefit, the BOSS Federation has teamed up with R&D Tax specialists Howarth Lynch to offer members expert advice and assistance in identifying and making a claim.

For SMEs, broadly those with less than 500 employees, the amount of additional tax relief that can be claimed with effect from 1 April 2015 has increased from 125% to 130%. A simple example of the change is shown below based on an SME incurring £100,000 of R&D expenditure:


  2014/2015 Financial Year     2015/2016 Financial Year
R&D expenses   £100,000   £100,000
Additional relief    125%   130%
Additional R&D deduction     £125,000   £130,000
Tax rate   20%   20%
Tax saving   £25,000   £26,000


Whilst the printing industry is constantly evolving its products and processes to meet customer demands, it is currently not taking advantage of the tax credits available because it fails to see the work as R&D. If you are still not convinced, ask yourself these questions:

  • Does your company undertake the development of new products/processes?
  • Is the company creating new and improved products?
  • Is the company aiming to duplicate existing products in an improved way?
  • Does the company spend money on staff costs, consumables or sub-contractor costs in order to undertake development work?

If the answer is yes, you may be able to claim substantial cash back from HMRC.

All a company needs to do is call Howarth Lynch and explain the areas they feel are eligible. This can be anything from a change in process or an innovation in a product developed to meet a customer's needs. Howarth Lynch have the experience to be able to quickly tell you whether your claim is worth pursuing. If so, they will visit your company and take you through the whole process. This will include assessing eligibility, identifying the R&D scheme as well as the relevant costs, and finally submitting the claim and liaising with HMRC on your behalf.
Once they have identified an eligible project, they have always succeeded in claiming the tax credits.

Print companies have saved over £100,000 since we tied up with Howarth Lynch and the attached case study shows just how easy it is to save.

For further details, contact Steve Walker, Commercial Products Manager at the BOSS Federation on 01676 526 050 or email [email protected]

 

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