Apply for the R&D tax scheme that fits your company
Research and Development (R&D) Tax Relief was introduced by the Government to provide an incentive for UK companies to undertake innovation.
Only limited companies can make a claim for R&D tax relief by undertaking projects which:
- Incur costs to achieve a competitive advantage
- comply with new regulations by improving products, processes services
- increasing margins by improving productivity and efficiency
There are two types of schemes within the R&D Tax Relief claims process which a company can apply for.
To qualify for the R&D Tax Credit SME Scheme you must have less than 500 employees, a turnover of less than £100 million, and have a balance sheet smaller than £86 million.
Larger companies who fail to qualify for the SME scheme will automatically be processed in this category. Small companies undertaking R&D for large companies (more than 500 employees) or small companies receiving third-party funding, will also need to use the RDEC scheme (research and development expenditure credit).
To make sure your company qualifies for R&D tax relief contact us by phone 01606 369000 or email TheRandDCo@howardworth.co.uk with any questions you may have about making a claim for R&D. At The R&D Co we want to help more businesses understand what R&D tax credits are and what the benefits could be for their company.