How Does the R&D Tax Credit Scheme Work?
The scheme currently allows profitable SME’s to claim upto 26% of your R&D expenditure as either a tax refund or a reduced tax liability. The percentage rises to 33.35% for SME’s that are yet to make a profit and comes in the form of a cash repayment. Similarly for larger organisations with over 500 staff the relief comes in the form of a Research and Development Expenditure Credit.
Many companies, and many accountants too, believe that R&D has to be highly technical in order to qualify for the tax relief. Experience has taught us that this is simply not the case!
Qualifying expenditure can include many things including – Director and staff costs, subcontractor costs, prototypes, testing, clinical trials and bespoke technology.
If you think you may have an opportunity to make a claim let our experts help you assess the opportunity and develop your claim.
Book A Call TODAY with one of our experts to discover how we can help you make a claim for R&D Tax Relief.
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