Research & Development Tax Credits

 

Established in 2000, Research and Development tax credits were conceived to encourage and reward businesses for their innovation and cutting edge developments.

 

If you're pushing your own technologies, products or system in such a way that could transform your sector or enhancing your business processes and expertise, you might be eligible to claim R&D tax credits.

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How do they work?  Quite simply, you will get greater tax relief on the costs incurred as part of R&D.  So if you are liable to Corporation Tax, claiming the R&D tax credits could substantially reduce the tax due.

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If you make a loss, the beauty of R&D tax credits is that they may still benefit you.  You can effectively "surrender" your R&D related loss for a cash credit from HMRC.  Thus helping cashflow and receiving an immediate benefit.

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If you feel your company is incurring costs as a result of a project that you feel is "cutting edge" then why not give us a call to discuss if you may be eligible.