What is R&D?

IN A NUTSHELL:

Corporate Tax Relief

Rewarding innovation in UK

Encouraging continued investment in innovation

Advancing industry knowledge and capabilities

If your business has sought to advance industry capabilities via the development of a new or improved product or process you could be eligible for R&D tax relief. Undertaking activities such as planning, prototyping, and testing to overcome technical uncertainties could lead to substantial corporation tax savings. The size of your business and whether a project has received funding will determine whether you are entitled to claim under SME or RDEC tax regime.

WHAT CAN I CLAIM FOR?

QUALIFYING EXPENDITURE

Staff costs including salaries and pension contributions

Consumables - materials used up in the process

Sub-contractors

Computing costs including software licences, cloud and data

WHen CAN I CLAIM?

R&D Tax Relief is claimable after the financial year in which the expenditure was incurred. Companies can claim for the two preceding accounting periods, however, after 1st April 2023 a new claimant company will need to pre-notify HMRC of their intention to claim.

What sectors can claim?

R&D is not limited to a particular industry or sector, however, as stipulated by HMRC, a qualifying project must seek to achieve an advance in overall science or technology.

We have successfully made claims within a range of sectors such as digital technology, printing, agriculture, manufacturing, architecture, engineering, pharmaceutical, food and drink, ICT, construction, law, and renewable energies.