We often sing the praises of Research and Development (R&D) tax credits but not many people seem to be listening!
Stats show that generally less than 0.5% of companies are making tax claims for Research and Development costs. Many companies are not taking advantage of this very generous relief – if you are entitled to the tax credit (or your clients are), make sure you are not one of the ones who miss out.
It is easy to think that R & D credits can only be claimed by companies involved in the scientific and technical industries. This is far from the truth; any company can claim R & D tax credits so long as they incur costs associated with using new technology to improve a process.
The rules may seem complex, but the benefit of the tax credit is significant. Your company is not only entitled to relief on its R & D expenses, but HMRC will also give your company a 130% bonus.
There is no rule set in stone for what constitutes R & D, and nor do you need to be inventing something new. For example, if you manufacture machine parts and then develop a new process to make them, the money you spend for this will count as an R & D cost.
To gain the relief, you must:
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