R&D Tax Credits
Research and Development tax credit Explained
Startup and small business owners can get Rewarded for their Innovation through R&D tax credit which can help them in transforming their business.
What is R&D tax credits?
An R&D tax credit is a relief, designed to encourage business to invest in research and development activities. The scheme, unlike the other HMRC benefits, is being granted as cash.
How does R&D tax credits work?
Business investing in innovative products and services, This innovation can be in the form of developing new systems, processes, products, materials, devices, or any changes to the way your business works can claim the R&D tax credits from HMRC.
Claim up to 33 pence for every £1 spent on qualifying costs
In order to qualify for R&D tax relief, the company must account for Corporation Tax, but the relief is eligible for loss-making companies as well as those making profit.