What is it?
The R&D Tax Relief scheme is basically a form of tax relief that may reduce your company or organisation’s Corporation Tax bill. Tax relief can be claimed on a wide range of R&D projects – even those that ultimately proved unsuccessful.
The scope for qualifying activity is broader than you might think – and R&D Tax Relief aren’t limited to specific industries or business sectors. Innovation is defined as either the creation of new products, processes or services or the evolution in some way of existing products, processes or services.
To claim R&D Tax Relief, your company has to be classified as an SME, with fewer than 500 staff and either less than €100 million annual turnover or €86 million gross assets. If you’re a larger company, you would need to submit your claim through the R&D Expenditure Credit (RDEC) scheme instead.
What’s the benefit?
You could be eligible to claim back up to 33% of the investment you’ve made in qualifying R&D activities. This can be returned to you in the form of Corporation Tax relief, a cash credit or a combination of the two.
How do I find out if it’s applicable to me?
Regardless of the industry you operate within, if you’ve taken steps to develop and grow your business, you could be a claim away from receiving readily available tax relief for your efforts.
It’s free to find out if you might qualify – so just give us a quick call on 01926 512 475.
> Want to dig deeper before picking up the phone? You can download more detail here…
> Want to see if you may qualify before picking up the phone? You can download more detail here…
A chemicals and development company, specialising in the distribution of Polymers and Additives. Claim Value £335,800.
A waste management company working nationally in materials reclamation, waste and processing. Claim Value £24,780.
Structural design, manufacture for light gauge frame and structural steelwork solutions across ranges of construction projects.