According to the latest statistics, a total of £3.5 billion in Research and Development (R&D) Tax Credits was claimed in 2016/17, resulting in the recruitment of thousands of new staff and the launch of some of the UK’s most innovative research projects. Talk to Macalvins today to discover how R&D Tax Credits could help your company grow, innovate and hire.
Get R&D Tax Credits advice today
First launched in 2000, the R&D Tax Credits scheme incentives investment and technical innovation by providing generous tax relief on qualifying expenditure. Whether your project is successful or not, R&D Tax Credits can reduce your Corporation Tax bill.
For SMEs, the maximum available relief is 230 per cent of qualifying expenditure. Loss-making companies, meanwhile, are entitled to surrender their losses in return for a payable tax credit.
You can claim SME R&D relief if you’re a, SME with:
- Less than 500 staff
- A turnover of under 100 million euros or a balance sheet total under 86 million euros
To get R&D relief, you need to explain how a project:
- Looked for an advance in science and technology
- Had to overcome uncertainty
- Tried to overcome this uncertainty
- Could not be easily worked out by a professional in the field
Your project may research or develop a new process, product or service or improve on an existing one.
Get advice today
For expert support applying for R&D Tax Credits, get in touch with our experienced team today. We’ve successfully helped companies invest hundreds of thousands of pounds on tax-free research projects to grow their business.