06 Sep 2017
HMRC recently announced a deadline for accepting amended claims for Research and Development (R&D) tax credits. This specific opportunity relates to claims to include eligible reimbursed employee expenses as part of qualifying staff costs. Only staffing costs of directors or employees directly and actively engaged in the relevant R&D can be considered.
This opportunity only applies to accounting periods which ended between 9 October 2014 and 31 January 2016. After that date, new legislation closed the opportunity to claim for reimbursed employee expenses. HMRC published guidance on making a claim on 8 October 2014 and issued revised guidance on 27 October 2016 which clarified HMRC’s interpretation of the law. In the newer guidance, HMRC advised that retrospective claims to include reimbursed employee expenses could be made where claims had been restricted based on HMRC’s earlier guidance.
In general, R&D tax relief can be used by companies that are developing new or improved systems, processes, services or products in the areas of technology or science. The R&D project in question must relate to the company’s trade and can be used by existing companies or by new start-ups.
HMRC has recently published confirmation that the revised deadline for submitting an amended claim to include employee expenses is 31 January 2018.
If you feel that you qualify please call so that we can advise you further.
Vada Studios is a very successful music recording facility. The business had outgrown their existing premises, and had a vision to create one of the top residential recording studios in the UK.
A highly successful restaurant, butcher and retail business.
GJA have been the retained accountants for this property investment and development group for over 20 years. Imminently due to dissolve companies.
Proco approached us with an idea of becoming a distributor of a high-end product in the UK, supplying vinyl nationally.
In 2008 Tom Floate left his employer to set up his own business providing website services. Initially forming a partnership with his wife Rachel, they began trading IO Studios from their home office.
Barry the Butcher is a very successful wholesale butchery and retail business.
Grenfell has a broad range of experience and knowledge, working with clients from many different industry sectors. Grenfell is also the senior audit partner in the practice.
Chris works with a diverse profile of owner managed businesses to assist them to grow and retain wealth. Although Chris works with clients from a wide range of sectors, he has particular expertise in property, catering, consultancy and professional services.
Managing Director ACMA
Alex has worked for Grenfell James since 2002 and became a director in 2013. Overseeing our internal operations, he manages the flow of work and ensures we hit our strict deadlines. Alex also manages a portfolio of clients, with expertise in manufacturing and service businesses.
Operational Director MAAT
David has worked for Grenfell James since 2006. He heads up our tax team and is highly experienced with expertise in different industries and sectors.
Tax Director ACCA
Hannah qualified in 2016, having worked for the company since 2009. She acts as a client manager for a range of businesses, with expert knowledge of the equestrian and rural sector. Hannah also manages our payroll team.
Client Manager ACCA
Regent Square Estates
Mckechnies independent tea and coffee bar.
Dean. Wootton IT
Mr I Cameron
Paul Stanley. A S Contracts Ltd.
NPD Design Consultants Ltd
Andrew Knight. The Howard Arms Ilmington
Proco Coatings & Laminates
Roy Ferguson. The Perfect Cosmetics Company.
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