R&D Tax Credits Explained

R&D Tax Credits are a tax incentive from the UK Government designed to encourage companies to invest in Research & Development.
They can reduce your tax bill or you can claim payable cash credits usually within 8-12 weeks of your report being submitted as a proportion of your R&D expenditure.
The Government is keen to make the UK an attractive place to innovate and thus the incentives for companies to develop new and existing products, processes and services have continued to improve since its inception at the turn of the century.

What could this be worth?

You can get up to 32% of your development costs back in cash. HMRC will allow up to 130% additional tax relief on all ‘R&D expenditure’; hence any company spending £100K in R&D for example would be able to claim this as £230K of expenditure for the purposes of their corporation tax calculation.

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Here’s what it takes to qualify for SME R&D tax relief:

Fewer than 500 employees

Under 100m Euro turnover

A limited company eligible to pay UK Corporation Tax trading for over 12 months

A profit or loss making company

Eligibility test:

If you answer “YES” to any of these questions you are more than likely be entitled to R&D Tax Relief

For a free and confidential consultation,

please contact us today on 01903 944543 or fill out our contact form for one of our R&D consultants to look into helping you explore the possibility of R&D credits.

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