Universities need to act fast to secure UK Government funding. There is a time-limited opportunity for Universities to claim R&D tax relief on their research activities which runs out on 31/7/2016.
Universities that have not made a claim by that date will not be able to claim for their costs between 1/8/2013 - 31/7/2014. Changes to the legislation also prevent universities claiming this funding for any costs falling after 31/7/2015 - so there is currently an opportunity to claim 2 years' funding but from 1 August this becomes only 1 year.
What is the benefit?
10% of the University's qualifying costs are paid by HM Revenue and Customs under the RDEC (Research and Development Expenditure Credit). Qualifying costs include salaries, sub-contractors, agency staff, materials that are consumed in the research and an element of light and heat costs.
It does not matter whether these costs have been grant funded or not - HM Revenue and Customs will provide the 10% subsidy regardless.
For a University with say 650 staff and a payroll of £25,000,000 the benefit of making a claim would typically be a six figure sum paid to the University.
Half of the benefit of this claim is lost if the claim is not submitted by 31 July 2016. We are uniquely well positioned to help Universities make these claims quickly. For further information contact firstname.lastname@example.org.