Research and development (R&D) tax credits are a valuable source of funding that helps UK businesses fuel their growth. With large sums of money at stake, there are numerous organisations that may contact you regarding R&D tax credits, however, Clarke Nicklin can take care of the claim for your business.
Research and Development (R&D) reliefs support companies that work on innovative projects in science and technology. It can be claimed by a range of companies that seek to research or develop an advance in their field. It can even be claimed on unsuccessful projects.
You may be able to claim Corporation Tax relief if your project meets the HMRC’s definition of R&D.
The project must relate to your company’s trade – either an existing one, or one that you intend to start up based on the results of the R&D.
To get R&D relief you need to explain how a project:
- looked for an advance in science and technology
- had to overcome uncertainty
- tried to overcome this uncertainty
- could not be easily worked out by a professional in the field
Your project may research or develop a new process, product or service or improve on an existing one.
There are different types of R&D relief, depending on the size of your company and if the project has been subcontracted to you or not.
Clarke Nicklin can assess your business and advise as to whether you are eligible to claim. To find out if your business qualifies for R&D Tax Credits get in touch.