R&D tax credits have the power to transform your business.

Rewarding innovation and fuelling growth

What are R&D tax credits?

Companies that spend money developing new products, processes or services; or enhancing existing ones, are eligible for R&D tax relief. If you’re spending money on your innovation, you can make an R&D tax credit claim to receive either a cash payment and/or Corporation Tax reduction.

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.

The scope for identifying R&D is huge – in fact, it exists in every single sector. And if you’re making a claim for the first time, you can typically claim R&D tax relief for your last two completed accounting periods.

Can my business claim for R&D?

The answer may well be “yes.” R & D credits are available for any company which can demonstrate it is researching and introducing innovative products, or developing procedures or systems which enable them to operate more efficiently and produce higher quality products and/or services. This can be across all industries – you don’t need men in white coats working in laboratories to qualify!

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Rewarding innovation and fuelling growth

R&D Tax Credits are a tax break put in place by the UK Government. They let businesses involved in Research & Development reclaim up to 33% of their costs, even if the project failed.

R&D tax credits have the power to transform your business.

R&D tax credit is paid as a corporation tax refund, or as a negative corporation tax, at the end of the financial year, tax free, and can be used for anything – including further research and development

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How does it work?

Work that advances overall knowledge or capability in a field of science or technology, and projects and activities that help resolve scientific or technological uncertainties, may qualify for R&D relief.

To qualify the company must be carrying out research and development work in the field of science or technology. The relief is not just for lab based scientific research but also for development work in design and engineering that involves overcoming difficult technological problems.

This can include creating new processes, products or services, making appreciable improvements to existing ones and even using science and technology to duplicate existing processes, products and services in a new innovative ways.

How will my business benefit?

If you are a small or medium sized company you can either get additional tax deductions on qualifying costs (saving you around £46 in tax for every £100 you spend on qualifying R&D) or, if you have tax losses, you may be able to sell these back to the government, netting cash back of £33.35 for every £100 spent on qualifying R&D.

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What counts as R&D Costs?

Direct staff costs

Employees who have worked directly on the R&D projects, include costs such as NIC and salaries.

Clinical volunteers

Relevant to pharmaceutical firms, the payments made to volunteers in clinical trials are eligible.

Independent contractors

Subcontractors can be included in a claim subject to specific qualifying rules

Consumables

Materials and resources that are consumed in your R&D process, such as water, fuel and power

Software

Software may be included but must have been developed / purchased for the R&D project.

Subcontracted R&D

Claim for any R&D project where work has been outsourced to another company for an agreed amount

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