As reported by the Institute of Chartered Accountants in England and Wales (ICAEW), HMRC announced this week that it has paused some Research and Development Tax Credit (R & D) repayments whilst it “investigates” a number of R&D Tax Credit claims described as being “irregular”.
Whilst HMRC have communicated that the majority of claims would not be affected, all companies should expect some delays and longer processing times nevertheless.
Over the years, the number of R&D Tax Credit claimants has increased significantly, and this is not the first time that HMRC has insinuated that the relief is being abused.
This highlights the importance of working with reputable and reliable specialists to ensure your R&D claims are robust both from a quantitative and qualitative point of view. If necessary, Buzz is very well connected in this regard and will be more than happy to make an introduction to our partners.
Whatever the foundation for HMRC’s announcement, the fact that claims are now subject to longer processing times shines a light on Buzz’s R&D advance funding and the importance thereof.
We see companies reliant on prompt turnarounds all the time, and if they are met with unexpected delays, this can sometimes be the difference between making payroll or not.
So, if you are looking to make an R&D Tax Credit claim or have recently submitted your tax return and are worried that this announcement leaves a hole in your cash flow, we are here to help. We can advance funds to you now to be repaid from the future cash rebate from HMRC.
We are also increasingly finding an appetite to borrow against projected expenditure too, mid-year, so not only when the claim is on the verge of being submitted.
Regardless of where you are in your accounting period, if you are anticipating an R&D claim in due course, let’s have a chat to see how we can help because it does not look like HMRC are being particularly helpful at the moment.
At Buzz Capital, we realise how important it is to receive your tax credit as soon as possible and continue to develop your company, which is why we are happy to say that we can cash flow your R&D tax credit claim for you very quickly.
If you are interested in finding out more, one of our team would be happy to get in touch with you and explain the options that are available to you through our innovative funding solutions.
Please contact us here for more information.