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If you haven’t considered your company’s eligibility for Research and Development (R&D) Tax Relief (also known as R&D Tax Credits), you could be missing out.
R&D Tax Relief can help innovative organisations by reducing their tax bill. And loss-making companies can claim too, as the Tax Relief can help them generate tax credit repayments. The rates of relief are different for large companies and for SMEs and companies can receive cash credits for projects worked on from as long as two years ago –up until their next corporation tax payment is due.
If your company doesn’t work in a scientific industry, don’t just assume that it doesn’t qualify for R&D Tax Relief. In fact, the guidelines for research and development Tax Relief don’t impose any restriction on the industry in which you work. Instead, the possibility to qualify depends on the type of projects your company works on. All companies that work on “solving technical uncertainties” by making advancements in science or technology may be eligible for R&D Tax Relief.
Does your technical team have ‘head-scratching’ moments? In order to qualify for R&D Tax Relief, you need to show that your company is working on a project that tries to solve a scientific or technological challenge. It’s important that the intention is to make an overall scientific or technological development, and not just an advance in your company’s knowledge.
Does your company undertake any of the following activities? If so, you will most likely be eligible for R&D Tax Relief:
The best way to maximise your company’s claim is to work with a specialist adviser. Find out how Myriad can help you maximise your claim.