What Is R&D?

R&D Tax Credits Explained

Encouraging innovation and fuelling growth. R&D tax credits have the ability to transform your business.

What are R&D tax credits?

Research and Development (R&D) tax credits are a government incentive designed to reward UK companies for innovative products, processes or services in their sector. R&D tax credits can help company’s cash flow in the form of a cash payment or reduce an outstanding or upcoming corporation tax bill, allowing the company to re-invest money in to products accelerating their R&D or allowing the company to hire staff, ultimately growing the business.

How do R&D tax credits work?

Companies that invest money into products, processes and services; or innovating existing ones are eligible to take advantage of R&D tax credits, which is administered by HMRC. When a company spends money on innovation, you can claim for R&D tax credits to receive a cash payment or reduction of corporation tax. The scope for R&D tax relief is huge and identifiable in every sector. If a business is making a claim for the first time, in most cases can submit for R&D tax relief for the last two accounting periods (subject to accounting year-end).

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