Research & development

What are R&D tax reliefs?

R&D tax reliefs provide support to businesses who seek improvements or advances in science or technology by completing innovative projects.

If your business carries out projects which meet HMRC’s definition of R&D you may be entitled to a claim resulting in Corporation Tax relief. This tax relief could result in a reduction of your Corporation Tax liability or even a cash payment from HMRC.

From April 2023 the tax relief for SME’s is worth between 18p and 27p for every £1 spent on qualifying expenditure, and for large companies it is worth 15p for every £1 spent on qualifying expenditure.

Am I eligible?

There is strict eligibility criteria in place for R&D tax reliefs including the size of your business, the type of activities you have been carrying out and the type of expenditure you have incurred.

If your business is not eligible under the SME scheme you may still be able to submit a claim under the Research and Development Expenditure Credit (RDEC) scheme, which is in place for large businesses.

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adamz

What type of business does this include?

In short the answer is any, providing you are a limited company and as you are carrying out eligible projects as well as having relevant qualifying expenditure.

For example – baking bread isn’t a revolutionary idea, however… if you were developing new processes or recipes to make a new gluten free bread and details on how to do so were not publicly available to a competent professional, the business could be eligible for an R&D claim!

What is a qualifying activity?

A project which results in an advance (or appreciable improvement) in science or technology may qualify for R&D tax relief.

To demonstrate that a project qualifies for R&D tax relief it must be able to identify and explain what scientific or technological uncertainties it has overcome and the outcome of the project completed.

Even if the project didn’t result in the desired outcome you may still be eligible to claim for R&D tax relief!

Adam & Dan

What counts as qualifying expenditure?

Providing the project is eligible for R&D and the costs are incurred as a direct result of the project, costs can include the following:
  • Staff costs
  • Subcontractors and externally provided workers
  • Software costs
  • Data licence and cloud computing (applicable from 01 April 2023)
  • Materials consumed
  • Travel and sustenance costs
  • Clincal trial costs
  • Energy costs

How can we help?

We will have an initial call with you to learn more about your business and the projects you believe may be eligible for R&D tax relief. As part of this process we can help you to identify qualifying projects and expenditure.

Specific criteria is required to be submitted to HMRC in order to support the claim. We will work with you to prepare the report on your behalf, ensuring this includes all of the information HMRC expect as a minimum to support the claim.

As with many of our services, we firmly believe this requires a human touch! Therefore this service will be delivered by a trained individual who has discussed your unique business and projects in detail, and never through an impersonal self-serve platform.

Once the report and claim have been prepared we will submit them to HMRC on your behalf with any payments being paid directly in to your business bank account!

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How Do I Sign Up?

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