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.
Require more information on Research and Development Tax Credits?
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