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Additional tax reliefs are given for qualifying expenditure incurred by companies in order to encourage businesses to engage in innovative Research and Development (R&D) projects and ventures.
HMRC R&D tax credits can help many new start businesses by strengthening cash flow and reducing tax liabilities. Established businesses can also utilise R&D facilities when embarking on any kind of innovative project which incurs qualifying expenditure.
How does it work?
- If the company spends money on “qualifying activities”, enhanced tax relief is available.
- SMEs can deduct an additional 130% of qualifying expenditure in the tax computation. E.g. if there is qualifying expenditure of £50,000 in the P/L, which will mean a corporation tax deduction of £9,500, this can be enhanced by a further £65,000 meaning additional tax deduction of £12,350.
- If the additional deduction creates a loss, the loss may be surrendered in return for a cash payment of 14.5% of the surrendered amount.
Qualifying expenditure is revenue expenditure on a project that seeks to achieve an advancement in science or technology relevant to the company’s trade. This may sound like white coats and test tubes but it can be applied across almost all sectors.
We have successfully processed R&D claims for projects as diverse as taxi companies implementing new computer systems and pet food companies developing new manufacturing systems. Qualifying expenditure can include such items as staff costs, contractor costs, materials, fuel, power and software.
We've got you covered
Every business goes through different stages in its life regardless of how you think the journey will go. Getting off to the right start, strategic planning, working with the right people – these are all factors in how well everything will turn out.
Our business advisors are a perfect mix of FinTech practitioners (who are embracing the future of accounting), fully-qualified accountants and ex-HMRC tax inspectors. We also have in our teams, VAT specialists, corporate advisory professionals, personal taxation experts and payroll and pensions advisors.
Take a look around the business support section and we're sure you'll find some great advice to get things going. Or, if you prefer simply set-up a free consultation meeting.
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