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New to R&D Tax Credits
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Everything you need to know
Research and Development (R&D) Tax Credits – or R&D Tax Relief – is a government incentive designed to reward UK businesses undertaking qualifying R&D activities within the UK.
Though many thousands of companies claim every year, it’s still vastly underutilised – due to lack of awareness, doubt about eligibility, or misconceptions about disqualification rules.
Find out more about this tax relief and how using an advisor to uncover activity and manage your claim can really give you the confidence you need to move forwards.
Adrian Grew Technical Sales Director, Cabcare Products LtdTo be able to claim money back for our development work has been a great benefit...knowing we can continue to claim for this each year means we can look to invest in more R&D projects. We’re grateful to have met MPA and had the benefit of their technical team, who understood our sector, our business, and made the process easy for us.
What is R&D Tax Relief?
Open to UK limited companies spending on R&D projects, R&D Tax Relief allows you to claim up to 33p for every £1 spent back from HMRC (SME scheme).
Eligible R&D is linked to scientific or technological advancement, but this can be found in everything from developing brand new products to adapting existing ones, so you shouldn’t be put off by these terms.
A great advisor with experienced technical analysts in-house can quickly determine if you’re eligible, and how much you might be owed.
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Who can claim?
Your business may qualify if you meet the following conditions;
- You are a limited company in the UK subject to Corporation Tax
- Have carried out qualifying research and development activities
- Have spent money on R&D projects
SMEs and large companies can both claim – through different schemes with differing rates of relief – and even companies who are loss-making can take advantage.
What’s more. you can even claim if your ultimate R&D goal wasn’t reached; it’s the process of getting to that point that HMRC is interested in.
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Why you don't think you can claim
Over the years there has been a lot of misinformation about R&D tax relief shared, even within the advisors market. Unfortunately, the rise of fraudulent claims hasn’t done anything to help this.
Some reasons you may not think you’re eligible to claim might be:
- Use of subcontractors
- Loss-making
- Subcontracted by a large company
- In receipt of a grant
- Mathmatically-driven R&D
None of the above automatically disqualifies you from claiming R&D tax relief and that’s why it’s important to work with someone as experienced as MPA.
We’ll review your company and activities individually, every time, and give you an honest estimation of what you could receive – or not.
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FAQs
For answers to some of the most common questions about R&D tax relief, check out our frequently asked questions here.
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