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There’s always a good deal of mixed press surrounding tax planning and, often, people aren’t sure what they’re entitled to in terms of claiming tax relief for their business activities.
One very positive form of relief that is sometimes missed is Research and Development (R&D).
R&D relief benefits companies that work on innovative projects in science and technology. Just as it says on the tin, if you’re researching or developing a scientific or technological advance in your field, this is a tax benefit you can claim. Believe it or not, you can even claim it for a project that’s been unsuccessful. And, as an added bonus, you may be able to claim Corporation Tax relief too!
So what counts as R&D?
Information you’ll need to prove your claim is valid
To get R&D relief you’ll need to explain the following factors.
Types of R&D relief
There are different types of R&D relief depending on the size of your company and whether or not the project has been subcontracted to you.
You can claim an R&D Expenditure Credit (RDEC) for working on R&D projects. This is a tax credit for 11% of your qualifying R&D expenditure up to 31 December 2017 and 12% from 1 January 2018. Don’t worry – well hel you work out the correct amount
Small and medium sized enterprises (SME) R&D Relief
You can claim this if you’re an SME with:
Here at Nordens we’re completely clued up on all the relevant features of this tax credit to make sure you benefit from it fully. We’ll support you throughout your claim and ensure your finances for the project are allocated in the most tax-efficient way. Call us to find out more on 020 8530 0720, or email firstname.lastname@example.org.
Research and Development Pic via picserver.org courtesy of Nick Youngson CC BY-SA 3.0 Alpha Stock Images
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