The R&D tax relief is valuable for small companies as it saves tax and can result in refunds from HMRC to allow further investment in new products.
The R&D tax initiative works by providing an enhanced additional tax deduction for the costs incurred in undertaking qualifying research and development.
Here at The R&D Co we have experience of working with many clients who employ specialists to undertake the qualifying Research and Development on their behalf.
Research and Development is in every sector of business, from Financial Services to Solar power and everything in between…
The key is to ensure that the research and development work qualifies under the legislation, that all costs are identified.
This saves costs but from April 2020, a company with no PAYE and NIC cannot claim a cash refund on expenditure relating to R&D.