Back in 2000 the government introduced Research and Development tax relief in the UK to encourage scientific and technological innovation. Applying for this tax relief may help to reduce your company’s tax bill if your company is liable for corporation tax and in some circumstances you may receive a payable tax credit.
Guidance provided by HMRC below is designed to help SME’s understand what can be applied for and how to make a claim for tax relief. The comprehensive guide answers common queries from small businesses about what can and can’t be claimed.
Frequently asked questions on Research and Development Tax Relief
- What is R&D tax relief
- Which projects qualify
- Does my project meet the definition for tax relief
- When does a project start and end for tax purposes
- Costs – what qualifies and what does not qualify
- Subcontract R&D
- Grants and subsidies
- Calculating your claim
- How to make a claim
If you need any advice on how R&D could help your business, call us for an informal chat on 01244 400315 or email [email protected].