Research and Development Tax Relief is a great way of incentivising companies who are making investments on new or improved product development, process improvement, system/software development and a range of other activities. However, since many businesses are not accessing the full potential of all available Government funding to develop and grow their businesses, an R&D Tax Relief / Innovation Tax incentive expert can advise you on what funding is available and how this can be obtained.
R&D Tax Relief allows companies to recover up to 33% of the costs invested in Research and Development activities and, with the average claim for an SME being around £54,000 per year, it could provide a much needed and timely boost to your business as we approach the end of the year.
Companies don’t need to be undertaking ground-breaking innovations – such as developing the next space shuttle or employing staff in white lab coat – to qualify, can be of any size and be operating in any sector. So it pays to have a specialist with a large amount of experience and knowledge in the field to advise whether your business is entitled to make a claim.
R&D Tax Credits are aimed at stimulating activities around innovation and development and, as the UK Government wants to encourage businesses to invest in new technologies and scientific developments, they are offering generous reliefs and credits for such activities in return. With Research and Development Tax Relief, businesses can either substantially reduce their Corporation Tax liability or receive a cash lump sum back from HMRC (or both), even if they have no such liability in the first place. Furthermore, new claimants can reach back to two financial years immediately.
In order to maximise your claim and receive the best advise possible, it’s important to engage professionals who understand the legislative requirements and have the full skillset of technical, financial and tax specialists to produce a robust and risk-free claim for your business.
Innovation Tax has helped businesses claim back millions of £’s via the R&D Tax Credits scheme through its experienced team of tax and technical specialists, maintaining a 100% success rate across many industries and sectors nationwide.