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R & D Tax Credits

Please note that R&D Tax credits are only available to limited companies, and that there are slightly different schemes for SMEs and for large companies. We focus on helping SMEs to claim the Research and Development Tax Credits which they are entitled to.

If your company makes innovative use of science or technology to develop or significantly enhance products, services or business processes, you may be entitled to claim research & development tax credits to help offset some of the costs of your investment.  Note that you can also claim for failed R&D projects.

Claims must be lodged within 2 years after the end of an accounting period (usually the financial year). Timing is therefore critical.  

There is a further incentive for SMEs.  Relief is achieved by enhancing the amount of deductible R&D spends beyond what would otherwise be chargeable against profits. The uplifts are as follows:

•    Up to 31st March 2011     uplift by 75%
•    Up to 31st March 2012     uplift by 100%
•    From 1st April 2012          uplift by 125%

Even the UK government admits that too many companies are missing out on claiming their tax incentives for research and development. This is surprising given that the tax incentives for research and development have now been in place for over ten years – they are specifically designed to promote more investment in R&D by UK companies and the benefits can be significant.

Get ready to make your claim a success by:

•    understanding what is R&D and what is not
•    deciding whether you are eligible to claim research & development tax credits
•    keeping up to date with changes to the tax incentives for research and development.

We can help provide the technical justification of the claim and work with your accountant to ensure you get any claim you are entitled to. Please contact us for more information on this topic.

Contact us now for more information about R & D Tax Credits.