Research and development tax credits are a government incentive designed to reward UK companies for investing in innovation. They are a valuable source of cash for businesses to reinvest back in their company to accelerate R&D, hire new staff and ultimately grow.
UK Companies that spend money developing new processes, products, services; or are enhancing existing ones, are eligible for R&D tax relief. If your business is spending money on innovation, you can make an R&D tax credit claim to receive either a Corporation Tax reduction or cash payment.