COULD YOU CLAIM R&D TAX RELIEF?
R&D Tax Relief allows innovating companies to claim tax relief for qualifying expenditure on their innovations. Relief for SMEs is currently at 230%, so every £1 of qualifying expenditure gains an additional £1.30 of tax relief. Larger companies could reduce their corporation tax liability or receive a repayment from HMRC by making a claim.
There’s a common misconception that R&D tax relief is only available for scientific research, but that’s not the case. Innovation in any sector can qualify for R&D tax relief. If you’re creating new products, services, materials or processes or modifying existing ones, you are likely to be eligible.