R&D Tax Credits
What is Research & Development?
Research and Development (R&D) tax credits are a government incentive designed to reward UK companies for investing in innovative products or processes. They are a valuable source of cash for businesses to invest in accelerating their R&D, hiring new staff and ultimately promoting sustainable growth.
Who can claim R&D Tax Credits?
A company is likely to qualify if they are doing just one of the following:
Developing new products and processes
Employing or engaging with technical staff, software developers or scientists
Advancing an existing product or process
Duplicating existing products or processes in an appreciably improved way
Overcoming technological uncertainties?
Experimental, theoretical or other work aimed at the discovery of new knowledge, or the advancement of existing knowledge
Searching for applications for that knowledge
Formulation and design of possible applications for such work
Testing in search for, or evaluation of, product, service or process alternatives
Design, construction and testing of pre-production prototypes and models and development batches
Design of products, services, processes or systems involving new technology or sustainability improving those already produced or installed
Construction and operation of pilot plants
Example activities that would be included in R&D claims:
Qualifying for R&D Tax Credits?
To qualify, the company must be seeking a technological or scientific advantage within their industry.
This does not have to be a successful project, nor does it have to be a completed project. If a company has a qualifying product, service or project, then they should take advantage of this. They may be able to reduce their next corporation tax bill OR even receive a tax refund.
Does your business qualify?
Book a free and completely no obligation consultation with one of our R&D specialists and find out if your business does qualify for a claim.