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Research and Development Tax Credits

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.

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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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