R&D tax credits
Research & Development (R&D) costs may reduce your company tax bill if your company is liable to corporation tax.
It is estimated that around 85% of businesses who could claim R&D tax credits don’t do so simply because the business owners are unaware that they could be claiming relief.
If your company is involved in an R&D project that seeks to achieve an advance in overall knowledge or capability in a field of science or technology through the resolution of scientific or technological uncertainty then you may be able to claim R&D tax credits.
R&D tax credits can reduce your corporation tax bill and in some cases can result in a payment to the company so it is definitely worth exploring whether or not you can make a claim.
There are two different types of scheme, the Small or Medium-sized Enterprise (SME) scheme and the Large Company Scheme. Even if you don’t meet the requirements to claim under the SME scheme, for example because you have received some state aid, you may still qualify under the Large Company Scheme even if your business is an SME.
We work closely with experts in this field to assess whether our clients would be eligible for R&D tax credits and to make sure that any claims are maximised and certain of a favourable outcome with HMRC.
If you think that you might be eligible we would be happy to have a chat with you to see if we can help you.
If you would like to chat about this or anything else, why not get in touch?
We’ve used Beyond the Numbers for over 4 years and have always found the team great to work with. Always willing to go the extra mile and happy to explain some of the more complex elements of accounting, I’d highly recommend Beyond the Numbers to anyone wanting friendly and reliable accountants.
Adam Alton, Operations Director, Make it Social Ltd
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