Want to know more? Contact our team of experts today and see how much your claim could be worth!
R&D stands for research and development. It is the process of taking an idea and transforming it into a fully-fledged product or process. Researching, designing, creating and testing are all part of the R&D process.
R&D tax credits are a government incentive designed to encourage innovation across multiple industries. This is an opportunity for you to reduce your corporation tax bill or receive a refund from HMRC based upon the number of working hours your business dedicates to Research & Development.
Under the scheme, SME’s can claim back up to 33% of the costs associated with R&D. That’s 33p back for every £1 spent on qualifying R&D activities. To get an idea of how much you could be refunded, check out our handy online calculator.
Businesses in the UK have been given the impression that Research and Development is only aimed towards scientists and people creating specialist technology – however, this is not the case.
Hospitality is an underused section of R&D – with a study concluding that 3 out of 5 restaurant managers have never even heard of it! This is a problem because there are a lot of research & development activities that go on behind the scenes in restaurants, hotels and similar, which are never claimed for.
It all starts with a free, no-obligation consultation with one of our innovation relief specialists. This means that finding out if you’re eligible won’t cost you a penny. Our specialist will give you an in-depth explanation of what research and development is and what qualifies – asking you for some examples of activities your business conducts that you think may qualify for R&D tax relief.
Once a basic understanding has been established, you will be asked to send across your end of year accounts, CT600, and some other basic information. An estimated figure will be made for your refund – then your claim will be submitted.
Work out how much your claim could be worth with our easy-to-use research and development tax credits calculator. Remember we can claim up to two years so make sure you don’t miss out on your innovation fund.
Let’s talk about your R&D Claim