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The Essential Guide To R&D Tax Credits
COUNTING KING
Contents 3.
Who Are Counting King?
5.
What Are R&D Tax Credits?
7.
Key Statistics
9.
How Can We Help Your Business?
11. Why Partner With Us? 15. Trusted Advisors 17. Client Portal 19. Partner Portal 21. R&D Calculator 23. Our One Of A Kind Funding Tool 25. Make A Referral 26. Your Payments
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Who Are Counting King? We are Counting King R&D Tax Credits Consultants. Specialists in the government incentive which promotes tax relief for innovative companies. Counting King is based at MediaCityUK, Greater Manchester and assists clients locally & nationally. The company was formed by two R&D experts, Sam Dallow & Gary Hilton and has quickly gone on to become one of the UK’s fastest growing R&D Tax Practices. The success is attributed to the fantastic team at Counting King as well as the carefully chosen external consultants we work with to enhance our service and knowledge. In addition, we partner with innovative organisations such as Barclays Eagle Labs, Manchester University’s Graphene Department, HOST, The Growth Hub and many more.
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What are R&D Tax Credits? R&D Tax Credits is a government incentive designed to reward innovative companies by providing tax relief in the form of a reduction in their corporation tax bill or in certain cases a cash payment! This is based on certain costs spent during the R&D process and is aimed at helping to promote innovation and growth within the UK.
Get up to 33% back on all R&D costs
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Key Points Your benefit R&D Tax Credits can provide a vital cash injection to UK Limited Companies of all sizes, to not only continue their eligible activities but to enhance their efforts and enable organic company growth. By claiming R&D Tax Credits, you put your company at a better financial position for further development.
Look to the future The R&D Tax Credit incentive is designed to boost innovation and improve UK’s economic growth. By claiming back for your R&D, you become more of a sustainable business and a more viable operation to run. Companies who regularly carry out R&D as part of day-to-day activities can continue their development and enhance their qualifying activities for future claims with this added benefit. Every £1 that is spent on R&D related projects generates a net return of £2.65 for the UK economy. This type of stimulus generates greater benefits for HMRC in terms of economic growth.
Be more competitive The UK is known as a leading country in innovation. This incentive encourages UK Limited Companies of all sizes to become more competitive on the world market. Following the decision to leave the EU in recent years, it has become more important than ever for the UK to remain at the forefront of technological and scientific advancements. www.countingking.co.uk
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2020 Statistics 85,900
R&D Tax Credit claims 2019-2020
64% of claims for 2019-2020 were in ‘Manufacturing’, ‘Professional, Scientific and Technical’, ‘Information and Communication’
22% increase in SME claims
£47.5bn is spent on R&D activity in 2020
11% increase in RDEC claims
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Key Statistics 2020 Keep reading if you want to find out how the R&D Tax Credits incentive supports businesses! The R&D Tax Credits incentive has grown year on year as a tool to support innovative companies with their growth, and to maintain their competitive status on the market. With the new Innovation Strategy that was launched on 22nd of July 2021, we can only expect for the incentive to grow and for businesses to grow with it. Food for thought! Take a look at 2020 statistics and just imagine how this incentive can accelerate your companies growth! 25% increase in first time applicants
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How Can We Help Your Business? R&D Tax Credits is not everyone’s specialism! But that’s where we come in. Let us take care of your business, provide you with a fully compliant service and get you a cash return in the process!
TECHNICAL KNOWLEDGE
OUR ADVISORS
We possess technical knowledge across many industries, so we know what to look for when writing your claim.
Counting King’s network of trusted and respected advisors are on hand every step of the application to ensure that you are always 100% comfortable.
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SPECIALIST SUPPORT
TIME SAVING
R&D Tax Credits are our bread and butter. What a lot of people don’t know, is that not many accountants actually ever get trained in this incentive. We have 11+ experience specifically in R&D, so we live and breathe this incentive. Speak to us about how you can maximise your current claim, and what processes you can implement to maximise your future claim.
Writing a claim to HMRC can be a daunting experience, many people wouldn’t even know where to start. Let us take the pressure off your shoulders. All we ask for, is for you to tell us about your business, what R&D you’ve done and a copy of your financials. We take it from there. Let us save you time. We’ll write and submit your claim while you wait for the benefit.
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Why partner with us
We will take the time to understand you and your company’s needs to deliver the best results. Take a look at our simple 4 step process for claiming R&D Tax Credits
Step 1
Step 2
This meeting can be conducted in-person or over the phone. During this meeting, we will talk you through the incentive and establish whether the work your company has carried out qualifies under the R&D Tax incentive. We will also outline our work processes and what you should expect.
We visit your site and interview key personnel to get a full understanding of your businesses operations and gather the technical details of the development work undertaken in the period(s). We will also go through the financial aspect of the claim with your company’s finance function to get upto-date financial data for analysis.
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Step 3
Step 4
We analyse all eligible costs and calculate the maximum benefit available based on accurate and up to date data. From here we can explain how much you can expect and in what form you can expect the benefit based on your company’s tax position.
Following an internal review of the compiled claim, we aim to submit the completed documents to HMRC within 2 weeks of receiving all the required information. HMRC aim to process payable credit claims within 28 days and pay out the benefit.
£
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Why Partner With Us
PAYMENTS BY RESULTS ONLY Payments by results only
We will never ask for any payments upfront. We believe that you should only get paid by results that we are confident we can provide. Counting King is committed to nurturing relationships with our clients, by really learning about you and your needs. This is why we will never tie you into a multiple year contract. All of our contracts are 12-month rolling contract so you have the flexibility to decide whether you are happy with our services. Based on our track record, we are confident you’ll want to stay with us! COUNTING
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We believe in the R&D Tax incentive. It is a fantastic opportunity to elevate your business to the next level and drive innovation in the UK. Rather than exploiting the incentive which leads to tighter restrictions, we provide a fully compliant service that does not leave you in a vulnerable position with HMRC.
Our experienced team of analysts truly know the incentive inside out, so we are confident that we can evaluate your financials and claim back the maximum amount available. Even more, we will work with you on how you can structure your operations to maximise your claim for the following year!
There is nothing worse than being passed around piller to post! That is why we will dedicate a single member of our team to understand you, your needs, and guide you through the process start to finish. They’ll be there to answer all of your questions throughout and they are only ever a phone call away.
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We Are Trusted
Let us help you excel at what you do
Take a look at our range of advisors that are at your disposal throughout the whole process. We deal with companies from a wide range of sectors, so we understand that pure tax support is not always enough. This is why we have a board of advisors that can help you accelerate your growth. Ranging from IP lawyers to grant writing, let us help you get top of the range advise and support that will catapult your business to the next level.
IP/Patent Lawyers
Intellectual Property We partner up with UK & European Patent Attorney’s who possesses over 25 years of experience, so that you know that you’re in good and trusted hands. One way that they can work with you, is by putting in place an IP strategy that supports your business aims. Some industries that they specifically support are: engineering, medical technology, automotive/transport and software.
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Tax Enquiry Support
Grants and Funding
We work with Ex-HMRC Inspectors who have over 15 years of experience as Tax Inspectors who have managed areas like VAT, IT, CT and PAYE HMRC caseworks.
We are currently partnered up with an experienced grant writer whose expertise includes, Innovate UK grant application writing, strategic proposal development, bid writing, reviews and more!
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Client Portal What Is It?
Our client portal gives you the ability to contact your designated analyst at any convenient time for you. You will also have the function to download any previous claims, reports and financials for a year on year comparison. It will also provide you with a clear, visual representation of what stage of the process your claim is at and what the next steps are. Our client portal offers full transparency of your claim so you always know where you stand. This will also be important for you so you know if there is something waiting for you to supply that might be holding up the process. We will let you know if at any point we require more information from you.
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youremail@here.co.uk
Your analyst will be displayed on the right hand side of your portal window. You can contact them directly from here or by using their contact details. If you take advantage of the referral system we have, you will have a full transparent view of the clients you referred by selecting the Referrals tab. This will let you see how much commission you will earn, but no details about what they are claiming for as we protect all client information. Once you have a portal we will guide you through it step by step.
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Partner Portal Keep on top of all your client claims and more! You can become one of our partners through our referral program and earn up to 25% commission on every successful claim! If you decide to become one of our partners, you will get exclusive access to our partner portal which gives you 24/7 access to all aspects of your referral’s claims. Check at which point of the process your referrals are at, what financials are yet to be submitted and access year on year comparisons. Within the Partner Portal you can track and monitor your commission payments as well as refer anyone in your network in under 30 seconds! *Subject to T&C’s
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This example shows a claim in progress. You will not make your referral fee unil completed. You can see at what stage it is at.
This example shows a claim that has completed the progress. The referral fee that you’ll receive will be displayed here. This will be paid once the invoice has been paid.
You can also see if a referral is not yet active or does not currently qualify for the benefit.
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R&D Calculator Tool
What is it? We’re so glad that you asked, Many companies out there will provide you with a calculator tool which will estimate your potential HMRC benefit based on your R&D expenditure, whether you are profit-making or loss-making and whether you qualify under SME or RDEC scheme. This usually comes at a cost and can eat up your valuable time. We provide this service for FREE. Better yet, it will take you no longer than 30 seconds.
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We believe in accessability and growing companies through the incentive. By offering this tool on a free basis, it allows transparency and it gives you an instant insight of the potential benefit for all parties involved. All you have to do is head over to our website and input the following information: • Do you have more than 500 employees? • How much have you spent on R&D? • What was your profit last year? Based on this information, you are free to get in touch with ourselves if you wish to. No obligation, no pressure. We are here to help you when you’re ready.
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Our One Of A Kind Funding Tool We always thought that searching for funding can be a really daunting experience. This is why we’ve developed a tool to take the stress away!
WHAT IS IT?
WHERE?
Our bespoke funding tool scours the internet and gives you access to all of the funding streams that are available within your area of interest.
Everywhere! You will be able to see what councils, funding bodies and organisations are offering money so you never miss an opportunity for a cash injection!
£
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WHO?
WHY?
We want to provide accessible platforms to any company, entrepreneurs and businesses that are looking for a lift in their operations. We want to see companies succeed so let us help you.
We believe in helping people and businesses grow. By creating these tools, we want to show that the world of business can be a bit kinder than once perceived. Many companies rely on funding streams to ensure their survival, let us make this process a bit easier and less daunting.
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Make A Referral Learn how you can make a referral and earn a 20% commission
HOW DO I MAKE A REFERRAL?
HOW QUICK IS THE PROCESS?
It’s simple. You can make a referral on our Partner Portal in under 30 seconds! Alternatively, you can make a referral in the good old fashioned way, either give us a call with your referral or drop us an email with the contact information of who you’d like us to get in touch with.
We will contact the company that you’ve referred, to see if they are eligible for the incentive. If there is eligible activity there, we will request financials and move forward with another meeting to discuss any challenges. The whole process takes around 2 weeks from our end.
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Your Payments Find out how we process your payments
£
WHEN DO I GET PAID?
CAN I EARN MORE?
From the moment that the claim is submitted, your client should receive their benefit within 28 days, depending on HMRC’s resources. You will receive your commission from our fee within 30 days of us getting paid, however it usually only takes 7 days.
Yes! So as you know, you will receive 20% commission of our fee for every successful client that you refer, for every year that they do a claim with us. It gets better. If you refer more than 3 successful clients within a month, we will bump your commission up to 25%. We believe that if you help our business grow, you deserve to share the benefits.
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COUNTING KING Contact Us Tel: 0161 667 5069 Email: info@countingking.co.uk Website: www.countingking.co.uk
