Research & Development Tax Relief
In the UK companies can claim tax relief for their Research & Development (R&D) activity. The process of applying for R&D tax relief can be a complex and time-consuming process, Your Finance Team is experienced at submitting R & D tax relief claims on their client’s behalf to HMRC.
Understanding R&D Tax Relief in the UK
Research and Development (R&D) tax relief supports companies that work on innovative projects in science and technology. To qualify for Research and Development (R&D) tax relief in the UK, companies must meet specific criteria:
- Project Focus: The initiative should address a specific problem.
- Scientific or Technological Advancement: The goal must be to advance knowledge in science or technology.
- Business Relevance: The project should relate directly to the company’s current or intended trade.
- Overcoming Uncertainty: The company needs to demonstrate how it tackled scientific or technological uncertainties.
- Complexity: The challenge should not be easily solvable by experts in the field.
- Novelty: The innovation can still be considered an advance even if similar work exists, provided it’s not publicly accessible.
Projects can involve creating or improving a process, product, or service.
Eligible R&D Expenditures
The following costs are eligible for R&D tax credits:
- Employee salaries for those engaged in R&D activities
- Software specifically used for the R&D project
- Consumable materials
- Subcontracted R&D expenses (65% of costs)
- Externally provided workers (with restrictions)
Understanding these requirements helps businesses leverage R&D tax incentives effectively.
How can we help?
The average R&D tax claim is worth over £64,000 so you must find out if your company and project qualify for this tax relief. We offer a free initial R&D assessment of your project and if we think your project could qualify for R&D tax relief, we will work with you to help you process your claim from start to finish.
Just contact us to find out if your project is eligible.
Request a Consultation Today
We can provide you with a quote or give you the friendly and expert accounting advice you need. Alternatively, talk to us directly at 01737 652 221.
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