Research and development (R&D) tax credits are a valuable tax incentive, created to reward UK companies that invest in innovation.
The credits are a valuable additional source of income to help businesses not only invest in research and development but also hire talented new staff to help realise their innovation goals.
R&D tax credits provide tax relief in several ways:
- If your company is in profit it can reduce your Corporation Tax bill
- If your company has been profitable in the past you could claim a repayment of company tax
- If your company is making a loss you could claim immediate relief from HMRC
Many companies mistakenly think they cannot qualify for R&D tax credits because they aren’t operating in the high-tech sector. In fact, all kinds of businesses – from retailers to charities and solicitors to farmers could find they qualify.
Speak to our expert team and we’ll help you identify areas of your business which could qualify for R&D tax credits. Call us and speak with Prashant now to start the ball rolling.