R&D
Tax Credits

Want to know more? Contact our team of experts today and see how much your claim could be worth!

Welcome to Green Jellyfish

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What is R&D?

R&D 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.

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What are R&D Tax Credits?

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 on the number of working hours your business dedicates to Research & Development. SMEs can claim back a significant percentage of the costs associated with R&D. That’s up to 27p back for every £1 spent on qualifying R&D activities.

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 on the number of working hours your business dedicates to Research & Development.

SMEs can claim back a significant percentage of the costs associated with R&D. That’s up to 27p 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.

What sectors conduct R&D?

R&D can occur in businesses of all sectors and sizes. However, some of the sectors that most commonly conduct research and development are IT & Software, Electrical Engineering, Manufacturing, Food & Drink and Agriculture. Many companies within these industries are unaware they are conducting eligible research and development, as the definition of R&D is much broader than you think.

Agriculture

IT & Software

Engineering

Manufacturing

Food & Drink

And Many More..

Research and Development of your project

Research and development always starts with an idea, the spark that ignites your creative process. The research stage of R&D concerns itself with identifying if your idea is feasible, whilst the development stage looks to enact your desired change. 

Basic Research

At its core, basic research is about gaining an understanding and acquiring knowledge of the matter at hand. Basic research is the first phase of any R&D project.

Applied Research

Applied research is research with a more specific goal than basic research. This is in-depth research that must be conducted before moving on to the development phase.

R&D Development

The design and development phase is where all the data gathered from the research is used to create or improve products or processes. This includes testing, prototyping and trials.

The Cost of Research & Development

Conducting research and development can be a long and expensive process. Adopting new technologies and employing specialised staff doesn’t come cheap, and with no guarantee of success, it is no wonder why many company Directors are hesitant to invest in innovation. The most common costs incurred by R&D projects include:

Staffing Costs

Software

Subcontractors

Materials

The good news is that a proportion of these costs can be recovered through R&D tax credits whether the project was a success or not.

What kind of projects count as R&D?

Any project that seeks to overcome scientific or technological uncertainties can be classed as an R&D project.

For businesses, R&D projects usually aim to create a new product, process, or service or improve upon existing ones. If we were to list every single R&D project possible, the list would be endless, but to get a better idea of what R&D within business looks like, we recommend you check out some of our case studies.

The Benefits of R&D

Research and development is vital for businesses looking to grow and stay competitive in an ever-changing market. Businesses that invest in R&D can expect to excel beyond their competition whilst making their own jobs easier in the process, as new developments often result in smoother, more efficient ways of doing business.

On a wider level, R&D is a crucial element that impacts economic growth. The UK Government recognise this and incentivises businesses to invest in R&D for this very reason.

Claiming R&D Tax Credits

Claiming R&D Tax Credits

Has your business invested in research and development?  Consider making use of the R&D tax credit claim scheme. A claim can be made in one of three ways:

Submit a claim
to HMRC yourself

Use your accountant
to submit the claim

Use an R&D Specialist
to submit a claim

Why use a specialist?

Why use a specialist?

While we may be biased, we strongly recommend that you make a claim through a specialist. Even if you don’t use Green Jellyfish, make sure to use a specialist. There are several good reasons for this:

It's what we do

A specialist submits R&D claims all day, every day - it's what we do.

Maximised claims

A specialist knows exactly how to get the most out of your claim, giving you a larger refund.

Proactive approach

A specialist will compile the claim and submit it to HMRC for you.

R&D Tax Credits Calculator

What is your current financial position?
Annually, how much do you spend on innovation?

£ 50,000

Claim Value
Estimation

£12,350

(This figure may vary depending on your actual reported figures - our R&D tax credit calculator is intended as a guide only.)

Sample R&D calculations :

Profit-making SME with

£50,000 innovation spend

£50,000 x 130% Expenditure Enhancement = £65,000

£65,000 (Enhanced Expenditure Value) x 19% Corporation Tax

= £12,350

Loss-making SME with

£50,000 innovation spend

£50,000 x 130% Expenditure Enhancement = £115,000

£115,000 (Enhanced Expenditure Value) x 14.5% R&D Surrender Rate

= £16,675

R&D Frequently asked Questions

Check out the R&D frequently asked questions below, we have done our best to cover everything we can. If you do still have any further questions please do not hesitate to call us on 033 000 20010 or use the contact form here.

What is R&D
Research and Development relief was introduced by the government in 2000 to encourage UK businesses to invest and enhance the fields of Science and Technology. It is a technique to reward businesses across all sectors by allowing them to claim back some of the money they spent on advancing innovations.
How to qualify for R&D tax credits?
To qualify for the scheme, UK companies must have R&D projects running in an attempt to advance scientific or technological products, services or processes.
How do I find out if I'm eligible to claim for R&D?
When you book in a telephone consultation, one of our expert team will chat through your business and its potential qualifying R&D activities. Don’t worry if you aren’t sure what qualifies, we know the right questions to ask to find out.
Why should I get Green Jellyfish to do my R&D claim?
  • We will handle all the paperwork for you
  • Get the money you’re eligible for quickly and painlessly
  • Utilise our experience to get the best possible result
  • You only pay us if your application is successful
  • Enjoy an exceptional service from our expert team

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Let's Get Started

Ready to embark on your R&D journey? Our team of friendly experts are eager to help your business excel. Whether you have groundbreaking ideas or technological challenges, we’re here to support you every step of the way. Take the first step by using the button below to get in touch with our team today.

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