Tax relief for research and development.
Are you looking for a way to get tax relief for your research and development expenses?
Check out our article discussing the research and development tax credit. This credit can help reduce your tax liability, and it’s available to businesses of all sizes.
Contact us today to learn more about how this credit could benefit your business. We’d be happy to discuss your specific situation and see if you qualify for the credit.
Read the article below to learn more about research and development tax credit for your business.
- What Is Research & Development?
- Common Industries For R & D Claims
- What Are The Criteria To Claim R & D Tax Credits?
- Am I Eligible To Claim?
- How Can CFO360 Help Me?
What Is Research & Development?
Research and Development (R&D) reliefs support companies that work on innovative projects in science and technology. The project must relate to the company’s trade – either an existing one or one that the company intends to start up based on the results of the R&D.
Common Industries For R & D Claims
R&D tax credits can be claimed in all sectors but are commonly found in the Pharmaceutical, IT, Engineering & Construction as well as the pure science industries.
R&D can be claimed on both successful & unsuccessful projects mainly in the development of :
- Software and automation
- Innovative recipes and formulations
- New and improved materials
- Improved processes and methods
- New and improved products
- Environmentally friendly products and processes
The scope of expenditure that will qualify for R&D relief will be widened from April 2023 to include:
- All cloud costs in respect of the storage of vital data.
- Mathematical advances.
What Are The Criteria To Claim R & D Tax Credits?
The following two criteria need to be met:
- The project must seek to achieve an advance in science or technology.
- In the quest of achieving this advance in science or technology, there must have been scientific or technological uncertainty which could not be worked out by a professional in the field.
Am I Eligible To Claim R & D Tax Credits?
To claim R&D tax credits the following criteria must be met:
- UK Company
- Must be a Going-Concern at the time of the claim
- The company must not be in receipt of a notified state aid in respect of the project
- Expenditure must not be subsidised
- The company must not have been contracted to carry out the R&D
- Any single R&D project must not receive total aid of more than €7.5m
How Can CFO360 Help?
If you are interested in making an R&D claim or unsure if you meet the criteria to make one, we can schedule an obligation-free call* with our R&D expert.
Once certain that a claim can be made, we can assist you with the entire claim process. From start to finish.
*An obligation-free call is available to all CFO360 clients.
