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R&D Tax Credit Explained

R&D tax credits enable companies that incur costs in developing new products, processes or services to receive a cash payment or tax deduction.

The average annual claim for an SME claimant, across the UK, is over £46,000. R&D tax credits can therefore be an incredibly valuable source of funding for many businesses, with up to 33.35% of a company’s R&D spend being available as a cash repayment from HM Revenue & Customs (HMRC).

The R&D tax credit scheme is a HMRC incentive designed to encourage innovation and increased spending on R&D activities by companies operating in the UK. The Government has expressed its desire to make the UK the most attractive place to start and invest in innovative companies and as a result the incentives for companies to innovate have continued to improve.

R&D tax credits were first introduced in 2000, although only available to SMEs initially, so this is not a new form of tax relief. However, in recent years the rates have increased significantly to further incentivise companies to claim (see below for details).

A parallel regime followed for Large Companies in 2002 and the Research & Development Enhanced Credit (RDEC) scheme for Large Companies was introduced from 1 April 2013.

These are the schemes available for you to claim R&D Tax Credits!

Our specialist team provides more than a helping hand to ensure our clients receive their full entitlement under the scheme. For companies already claiming we often find that they are not claiming their full £ entitlement as successful claims are based on their technological and scientific merits, which cannot be fully handled by tax personnel alone.



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