R&D Tax credits –
is your business missing out?
The Research & Development (R&D) Tax Credits scheme incentivises investment and technical innovation by providing generous tax relief on qualifying expenditure.
The latest Government figures reveal that there has been a 19 per cent rise in the number of businesses successfully claiming valuable R&D tax savings – worth a total of £7.4 billion per year.
The Information and Communication, Manufacturing, and Professional, Scientific and Technical sectors continued to submit the majority of applications, making up 64% of all claims.
It is important to be aware that a project does not need to be successful to claim R&D tax credits as the Government recognises that the innovation process does not always result in success.
How much could I claim?
For SMEs, the maximum available relief is 230 per cent of qualifying expenditure. Loss-making companies, meanwhile, are entitled to surrender their losses in return for a payable tax credit.
Whether your project is successful or not, R&D Tax Credits can reduce your Corporation Tax bill.
You can find out more about R&D tax credits and which projects are eligible in our new FREE guide which is available here.
If R&D tax credits are so valuable why don’t more businesses claim?
The R&D application process can be time-consuming, particularly if you’ve never submitted a claim before. There is a certain amount of supporting evidence that needs to be gathered which can be off-putting. The good news is that help is available.
The team at finzo can take care of all the hard work on your behalf and also help ensure that your application stands the best chance of success.
Got questions?
If you have any questions about the R&D Tax Credits process or you’d like to find out how we can help make the application process seamless...