Government Tax Credits
What Are R&D Tax Credits?
When people hear R&D, most think of scientists working in a lab. In the eyes of the HMRC, though, that’s not necessarily the case.
Research and development tax credits are a tax relief designed to encourage greater spending/investment in innovation. They provide you with a lump-sum payment, directly from the government, paid as a percentage of your R&D spending.
We handle the entire application process for you while also making sure that you receive the highest lump-sum payment possible!
Expenses That We Can Claim For You:
- Staff Costs – (salary, national insurance and employer pension) for their time spent on the R&D project.
- Software – Include any software purchased for R&D purposes.
- Subcontracted R&D – Claim 65% of what you paid your R&D subcontractor.
- Utilities & Consumables – Add up water, fuel, power and material used in the project.
- Any Prototypes
You Could Be Entitled To 33% Of Your Total R&D Spending - Over The Last 2 Years!
Do I Qualify?
If you meet the following criteria, you could be eligible for an R&D Tax Credit:
- Your company has spent time/money on designing or implementing something.
- You're a limited company or a PLC
- You have at least 1 year of accounts
- You have a minimum average turnover of £500k
- Have a minimum of 5 employees
Get your no-obligation, free assessment today!
