Research and development tax relief and tax credits reward companies for taking risks to be at the forefront of their respective sectors. The relief applies to any company in the UK who is pushing the boundaries with their products, designs, processes, systems, devices or methods.
There are nearly 5.5 million companies in the UK. According to HMRC statistics only 48,635 R&D claims were received in the 2018 tax year (0.8% of companies!) which shows it is still an area that is often overlooked with directors wrongly thinking innovation or creativity is simply ‘what we do’.
R&D tax claims are extremely important in a businesses cash flow forecasting as they are able to claim as much as 33% of qualifying costs back every single year on projects which push the boundaries within a sector. To put this in context, having costs involved with working to create a competitive edge of just £50,000 could mean a repayment of over £15,000 back to the company.
To check eligibility, just leave your name and email address, and one of the team will be in touch with you.