R&D Tax Credits
Projects in which the company are working to achieve a Scientific or Technological advancement in their industry. The company will have developed or modified a product, process or service, that is more beneficial than anything similar on the market.
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The company may have developed or modified a product, process, or service, that is more beneficial than anything on the market.
Eligibility for R&D Tax Credits
WHAT
The Research and Development Tax Relief Scheme is a Government initiative, created to reward and encourage UK companies to invest in innovation.
WHY
In reward for the risk-taking innovation (that does not need to have been successful OR completed), companies can claim a Corporation Tax reduction or refund. Tax losses can be converted into a cash tax rebate, based on any qualifying project costs over the last 2 financial years.
WHO
To be eligible to claim R&D tax credits, businesses must be UK registered and liable to pay Corporation Tax. SMEs have under 500 employees and either under €100million turnover or €86million on the balance sheet. Large companies and those SMEs who have received grants or subsidies towards their R&D projects or who are subcontracted by large companies to undertake R&D activities can claim relief under the RDEC scheme.
EXAMPLE ACTIVITIES THAT WOULD BE INCLUDED IN R&D CLAIMS:
- Experimental, theoretical or other work aimed at the discovery of new knowledge, or the advancement of existing knowledge.
- Searching for applications for that knowledge.
- Formulation and design of possible applications for such work.
- Testing in search for, or evaluation of, product, service or process alternatives.
- Design, construction and testing of pre-production prototypes and models and development batches.
- Design of products, services, processes or systems involving new technology or sustainability improving those already produced or installed.
- Construction and operation of pilot plants
