Research and Development Tax Relief
Research & Development tax relief specialists
Research & Development (R&D) tax reliefs are HMRC incentives created to encourage innovation and technological advances in the UK. R&D tax relief is a widely available, but often overlooked tax relief.
An important point to remember is that to claim this relief, you don’t have to work in a lab or wear a white coat. We have submitted successful claims for IT & Software businesses, Food & Beverage businesses, as well as the more obvious Healthcare & Medical, Manufacturing and Engineering businesses.
Broadly speaking, the relief applies to companies undertaking projects which aim to seek an advance in science or technology. Guidelines set out by HMRC state that qualifying projects must constitute an advance in the overall knowledge or capability in a field of science or technology, not a company’s own state of knowledge or capability alone.
R&D relief may allow companies to reduce their corporation tax bills. For SMEs, you may be able to choose to receive a tax credit instead, by way of a cash sum paid by HMRC.
Since the introduction of R&D tax relief, the rates of relief have increased significantly and the qualifying conditions relaxed. Subsequently, more companies than ever are claiming R&D tax relief on projects. However, it is still believed that many companies who have qualifying projects are not claiming.
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