For innovative businesses R&D tax credits are a way of claiming tax back from HMRC (HM Revenue & Customs). R&D tax credits have been around for over 15 years yet by HMRC’s own statistics the relief is not being claimed as expected, especially in the SME sector.
SME – for the purpose of R&D tax credits an SME company is one with less than 500 employees and either:
- Turnover less than €100m; or
- Balance sheet total less than €86m
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.
For every £10,000 spent on qualifying R&D the company can claim an additional £13,000 of tax relief
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.
We hope to hear from you soon.