Don’t immediately say no because you’re not a rocket scientist. Business owners often miss this valuable Research and Development (R&D) tax break when they are actually entitled to it for their business activities, simply because they’re not aware of it or they think they won’t qualify for this specific tax relief.
In fact, you may be able to get an enhanced deduction of 130% of your R&D qualifying expenditure. Even loss-making companies can, in certain circumstances, surrender their losses in return for a payable tax credit of 14.5% from HMRC.
And you genuinely don’t have to be an astrophysicist to claim it!
Just as it says on the tin, if you’re researching or developing an innovative product or an advance in your field, R&D is a tax benefit you may be able to claim. And it doesn’t have to be your main business – something you do within it may qualify.
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!
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 – don’t worry – we’ll help you work out the correct amount.
Examples of successful R&D claims
What counts as R&D?
Let’s see if you qualify…
If you have answered YES to any of these questions, you may be able to claim R&D.
Here are some examples of projects that usually qualify:
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.
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