R&D stands for research and development. Research & is a government incentive designed to boost innovation across multiple industries, including care homes. This is an opportunity for you to reduce your corporation tax bill or receive a refund from HMRC based upon the working hours your business dedicates to R&D.
UK Care Homes which spend time creating new products and services, improving existing ones or extending the overall knowledge in their field can claim tax relief for their R&D activity.
The government scheme is designed to drive forward innovation by supporting care homes that seek to improve or overcome challenges or uncertainties in their products and processes.
Data from Catax found that although around 800,000 businesses are likely to be eligible for R&D tax relief, just 5-6% are claiming it. This goes to show that the definition of R&D is much broader than most people think!