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Research & Development Tax Credits.
Accountancy & Bookkeeping Services
R & D Tax Credits – Do You Qualify?
Research and Development (R&D) Tax Credits are a UK Tax Incentive designed to encourage companies to invest in R&D. Companies can reduce their Corporation Tax bill or claim payable credits (cash) as a proportion of their R&D expenditure.
Many potential claims are missed because companies do not realise that they are incurring eligible expenditure. R&D tax relief is a government incentive to encourage companies to invest in R&D activities by claiming relief on qualifying costs. The rates of relief are:
Up to 230% of the qualifying R&D costs may be claimed as a tax deduction by SMEs
R&D expenditure credit available for large companies giving relief of up to 13%
In addition, SMEs may choose to ‘trade in’ their R&D losses and receive 33p for each £1 spent on qualifying R&D
100% allowances are also available on R&D capital expenditure
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What Is Eligible R & D?
Eligible R&D is work that is undertaken to resolve scientific or technological uncertainty aimed at achieving an advancement in science or technology. ‘Advancement‘ may be the creation of a new product or process, or the improvement of an existing one.
R&D does not need to be successful in order to qualify for the relief outlined above. As long as qualifying R&D has been undertaken then the relief is available. In addition, a company may qualify for the relief even in the situation where the work has been outsourced to a third party.
Working in partnership with Kapitalise Ltd, a UK leading R&D Tax Credits company, Business Partner Accountants can help identify and claim R&D tax relief you are entitled to through this scheme.
Contact us today to find out if you are eligible for this Tax Relief.
Contact Us To Arrange A Consultation Today.
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01543 221360
07966 476414
david@bpaccountants.co.uk
