Research and Development | R&D Tax Credits UK
Rewarding innovation and fuelling growth, R&D tax credits have the power to transform your business.
What Are R&D Tax Credits?
Research and development or R&D tax credit UK is an HMRC and government incentive designed to reward UK companies for investing in innovation. It allows businesses to claim for time and costs associated with the improvement of the business. Companies that develop new products services and processes, may be eligible for R&D Tax Relief.
This is a valuable way to reduce the tax your business pays by investing in accelerating R&D, hiring new staff and ultimately growing and succeeding.
By working with us at 6 Wands we can establish whether you are eligible for R&D Tax Credits in the UK, whether your business makes a profit or a loss, there are no minimum expenditure levels.
How Does R & D Tax Relief Work?
If it is your first time making a claim, you can usually claim R&D tax relief for the last two accounting periods. If successful, this then results in either a substantial cash payment or Corporation Tax reduction.
Qualifying for Reasearch & Development Tax Credits
To qualify for research and development tax credits, you must own a limited company that has been trading for over 12 months, and can prove you have developed or improved products, systems, devices or materials.
If you are in the following industries, you could qualify for R&D tax credits in the UK.
- Technology
- Automotive
- Pharmaceutical
- Manufacturing
- Engineering
- Design
- Software
- Printing
- Construction
- Food
- Drink.
How Much Tax Relief Can You Claim?
The amount you can claim depends on the amount of change implemented and monies spent on the improvement of the business.
We offer a personal service to see if you are eligible for this relief. If you want to find out more information about R&D tax credits or any of the services available at 6 Wands please do not hesitate to contact us.
