The R&D Tax Credit Scheme is a government initiative designed to support and reward SMEs and Large Companies for innovating and increasing their spend on R&D activities.
Ask yourself, is your business doing something truly innovative to overcome a technological uncertainty, achieve a scientific or technological advance and doing something that wouldn't be deducible by a competent professional? If so, you may well satisfy HMRCs criteria and be eligible for an R&D tax credit.
If eligible, your business could obtain an enhanced deduction of 230% against any qualifying expenditure or if your business is loss-making, cash back of 33.35% of the qualifying expenditure. This generous relief could be a valuable source of cash for businesses wishing to accelerate their R&D, add to head count and drive growth.
In order to qualify for the tax credit, your Company should:
- be a trading company and a going concern;
- have<500 employees; and
- have an annual turnover <€100m, and/or a balance sheet total <€86m.
Although the claim process can be complicated, the opportunity for identifying R&D is huge and exists across the sector spectrum. If you are making your first claim, it is also worth noting that you can typically claim R&D tax relief for your last two completed accounting periods.
We can also help larger companies with RDEC (research and development expenditure credit) claims.
Nyman Libson Paul employ technical experts from a range of industries, enabling us to offer a deeper assessment of each R&D project's eligibility. We have successfully supported claims for businesses in the following sectors: Life sciences | Manufacturing | Construction | Automotive | Engineering | Tech | Digital Agencies | IT & Software | Retail & Fashion | Hospitality
As global R&D incentive regimes evolve, we are well placed to support international claims via our association with the Morison KSi international network.