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Tax relief for research and development is the government’s way to incentivise businesses to invest in innovation.
What do Research and Development Tax Credits involve?
A tax saving can be made on all qualifying expenditure, that is deemed to be research and/or development in nature.
The tax credit would include staff PAYE, subcontractors and all materials consumed in the process.
In addition, companies that have made a loss from the process could be eligible for a cash payment alternative if losses are submitted to HMRC.
Unsure if you qualify?
If you’re unsure as to whether your business operates a level of research and development, ask yourself these questions:
- Do you encourage advancement in the field of science or technology?
- Do you seek to test or improve innovation of new materials, process or code?
- Are there tests on your solutions after they are designed?
- Do you work with new processes or new ways of thinking?
- Do you encourage your team to find better, faster, more efficient, or more effective solutions?
- Are you attempting to achieve or resolve something of uncertainty?
If this is your business, then you are likely to qualify for Research and Development Tax Credits.
Require more information on Research and Development Tax Credits?
To discuss whether Research and Development Tax Credits could apply to your business, call 01782 744144 or ask a question online.
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R&D news and articles
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New R&D tax relief guidance available
For accounting periods beginning on or after 1 April 2024, a new merged scheme for research and development tax credit comes into force. The new merged scheme replaces the old RDEC and small and medium-sized enterprise (SME) schemes. The new scheme reduces the amount of benefit that would generally have been received under the old scheme.
Provide additional information for R & D claims from 1 August 2023
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Important Research & Development changes from April 2023
The government is committed to a number of important changes to Research & Development (R&D) tax relief from 1 April 2023. It also looks increasing likely that the two existing systems will be merged into a single system in future
Research and Development (R&D)
The R&D tax relief schemes for companies will be enhanced from April 2023 but we have to wait until this summer for more details. We do know the reform is set to boost sectors where the UK is a world-leader,
