It’s a difficult time for SME’s at the moment as they face an uncertain future with COVID-19. We wanted to remind everyone about R&D Tax Credits and how they can benefit your business, especially in the current economic climate where cashflow is tight.

A company in any sector can potentially claim R&D tax credits, the key point is whether there are qualifying R&D activities being undertaken.

If your company carries out research and development then you may be eligible for R&D tax credits.

R&D tax credits are a government incentive designed to reward UK companies for investing in innovation. If you’re making a claim for the first time, you can typically claim R&D tax relief for your last two completed accounting periods.

There are three main types of tax benefit that arise from a successful claim for R&D Tax Relief, these are:

  • A payable cash credit
  • A rebate of corporation tax
  • An enhanced deduction that can be carried forward

To find out if you qualify and to learn more about R&D tax credits CLICK HERE to view the HMRC guidelines.

If you think you qualify and would like to make a claim just GET IN TOUCH.