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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.
Architectural R&D will be when the purpose of a project is to improve or resolve a ‘scientific or technological uncertainty’. The money spent on fixing these uncertainties can be claimed back as research and development tax relief.
Innovation in architecture would include utilising and advancing technology such as improving how materials or products perform. Uncertainties could also include development in testing and prototypes or designing bespoke software to use.
Examples of R&D within Architecture include:
These are only examples. The rules of R&D are not rigid, they are put into place to reward and refund those who are dealing with uncertainty. The result of your innovation doesn’t have to be a success either, you can be eligible for a refund even if the project was unsuccessful!
Work out how much your claim could be worth with our easy-to-use research & development tax credits calculator. Remember we can claim up to two years so make sure you don’t miss out on your innovation fund.
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.
Let’s talk about your R&D Claim