Encouraging innovation and fuelling growth. R&D tax credits have the ability to provide a valuable cash injection into your business.

If your company has been engaged in a project that seeks to achieve an advance in science or technology, it is carrying out R&D – this can entitle your Company to 230% tax relief on qualifying expenditure.

There has to be a project focused on the issue to be resolved

• There has to be an intention to achieve an advance in science or technology
• The project must relate to the company’s trade – an existing one or one it intends to start based on the results of the R&D
• The company has to explain how its project sought to overcome the uncertainty around the advance it wants to achieve
• The issue has to be one that cannot be easily overcome by a professional working in that field
• The process, product or service can still be an advance if it has been developed by another company but isn’t publicly known or available. For instance, there are many companies currently working on both electric cars and driverless cars. They will each be claiming R&D tax relief
• The project can research or develop a new process, product or service, or improve an existing one

You can backdate a claim to two years from the end of an accounting period.

If you would like to discuss your eligibility for R&D, please feel free to contact us.