The Research & Development tax credits incentive was introduced in April 2000 and is designed to encourage and reward UK limited companies for investing in innovative products, services and processes by providing them with a tax credit of up to 33p for every £1 invested.
Research and Development (R&D) tax credits are a government incentive designed to reward UK companies for investing in innovation. Research & Development tax credits are a valuable source of income for many companies that wish to develop their business. R&D tax credits can also be used as an investment into further research and development for your company.
The two criteria in determining whether an innovative company is eligible for R&D tax relief are advancement and uncertainty.
If your company and project both meet the necessary criteria, then it is possible to claim R&D tax relief on revenue expenditure, and in some cases, capitalised revenue expenditure across three main areas: staff costs (gross salary, employer's NIC, employer's pension contributions, reimbursed expenses), subcontractors/freelancers, and consumable items (i.e. heat, light & power, materials and equipment used up or transformed by the R&D process).
Find out today if your business could qualify to claim up to 33% of the development costs for your eligible R&D projects spanning over the last two financial years.
Due to many misconceptions, the majority of claimants did not initially believe they would qualify for R&D tax relief, and with the average R&D claim benefit for a UK limited company now estimated to be £57,000, there has never been a better time to discover if your business is eligible! This form should take no longer than 60 seconds to complete and it is completely free to find out! We work on a success only basis in relation to our fee.
In our last article, we covered some of the top industries that can benefit from R&D tax credits due to their activities and research to innovate and develop an element of their organisations. However, in...
