Keith Trubshaw, Director of The Refund Agency, has just written a book entitled “R&D: Myth or Magic?… nine myths that can seriously damage your wealth”. It’s a light hearted look at the very serious subject of how companies can access government cash in the form of Research and Development Tax Credits through a little-understood piece of legislation designed to help businesses. The book cuts through the misunderstanding that surrounds what can or cannot be claimed. How, by simply having solved what to them were their every-day problems, a company can find itself on the receiving end of a financial windfall that they never expected.
The Refund Agency are new tenants at EIC and are specialists in securing companies these funds after first identifying their entitlement. They have helped many businesses claim tax credits, when often they were never even aware of their availability. In the book, Keith identifies various myths associated with R&D and the misunderstandings that people have when evaluating their own operations in this regard.
The opening pages feature a telling quote from a senior HMRC staff member who says: “We are sitting on a pile of money which we are tasked to give away, but no one comes for it because they either don’t know that it exists or if they do, they don’t know how to claim it properly.”
Keith himself says: ‘R&D tax credits are the government’s way of rewarding businesses for innovation; for making British business the best it can be . The trouble is that the words “tax credits” can be misleading; often being confused with payments made by government to members of the public who find themselves in need of support If we substitute the word “Credits” with “Rewards” then suddenly the whole thing looks totally different. “Research and Development Tax Rewards” is a much more accurate description. I secured my first grant when consulting for a local company in 2012. In doing so I used the services of a specialist, without whom the claim would not have succeeded.’
For anyone wanting to know more about the world of R&D tax credits, you can buy Keith’s book on Amazon now, or be sure to pop into The Refund Agency to get a copy for free.