Research and Development (R&D) tax credits are a lucrative tax relief opportunity for businesses who invest in innovating processes, products, services, or solutions. This means that where a company is spending money to develop or create a new or improve an existing process / product / service / solution and must overcome technological uncertainties, they are likely to be eligible to claim tax relief back on the money spent. The tax relief will be received as either a reduction on the corporation tax bill, cash credit if the company is loss-making, or a combination of the two.
Claiming R&D tax credits is complicated and requires knowledge and understanding of who and what will qualify, as well as knowing how to make a successful claim. However, our specialist R&D tax credit team will be able to:
- Give you clarification on your eligibility and help you select the most appropriate scheme (SME R&D Tax Credits or Research and Development Expenditure Credit (RDEC))
- Offer advice on how to maximise an R&D claim as well as help you define parameters of your R&D projects
- Support you on an Advance Assurance application where applicable
- Help you write a comprehensive claim application, including technical narrative, as well as provide necessary tax calculations
- Guide you strategically on how to use other available government grants suitable for your business