Who Can Claim R&D Tax Relief?
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Research and Development
Under current tax law, only Limited companies can claim this tax relief for innovation and development costs. Due to
When making claims, several types of R&D work undertaken by companies qualify for R&D tax relief but are commonly missed. These include:
The time and costs incurred by a company to develop a new product with new functions and capabilities before selling to the market usually qualifies.
Even if the development of the new product fails, the time and costs incurred will still qualify for the R&D tax relief.
Companies may be asked by other companies to undertake or assist in the overall R&D project. For example, design software programs for analysis and monitoring.
Start-up companies may apply and receive a grant or subsidy to assist with the costs of R&D. In this case, the company can use the grant or subsidy to pay for the costs of development and then claim cash back from HMRC of 12% on the same costs.
In the above cases, it is important to establish that the R&D project meets the qualifying criteria for the R&D tax relief, and that’s where our expertise comes in, we work with clients from all sectors on a daily basis, liaising with HMRC and ensuring that they get the best possible outcome when making a claim – a tax refund!
Contact us now to find out more on 01606 369000.