Are you currently carrying out ground-breaking and innovative work to change the lives of your customers? You may be entitled to getting an R&D tax relief, and it’s a very simple process with the right guidance, of course.

As long as you’re pursuing innovative work in terms of science or technology, you can qualify for tax relief R&D, depending on how large your business is. For instance, SMEs can deduct over twice the amount of qualifying costs from profit before tax, if they qualify. Either way, this kind of tax relief can be hugely beneficial to a business, helping to carry out innovative projects with more funds to spare.

Research and development (R&D) tax relief is a UK tax incentive designed to encourage innovation and increased spending on R&D activities by UK businesses. It is available to small businesses who are liable for corporation tax and who are working on projects which seek to achieve:

‘AN ADVANCE IN OVERALL KNOWLEDGE OR CAPABILITY IN A FIELD OF SCIENCE OR TECHNOLOGY THROUGH THE RESOLUTION OF SCIENTIFIC OR TECHNOLOGICAL UNCERTAINTY – AND NOT SIMPLY AN ADVANCE IN ITS OWN STATE OF KNOWLEDGE OR CAPABILITY.’
The R&D project must also be related to your company or organisation’s trade – either an existing one, or one you plan to set up as a result of the R&D project.

HOW CAN WE HELP?
We’ve helped clients across a wide range of sectors to make successful R&D tax relief claims. We can assess your situation to see if you have a claim and make the claim on your behalf. Making a claim is a relatively straight forward process, provided you’ve got the necessary documentation and records available. However, you can only claim for the past two years, so you need to act quickly to avoid missing out.