Research & Development
Research and development is one of the UK Government's key drivers for productivity growth. High levels of R&D support strong and stable growth and the aim of the Research and Development Tax Credits scheme is to encourage greater investment in innovation in the UK.
To qualify; R&D must be part of a project or planned objective and it must seek to increase the overall stock of knowledge or capability in a particular field of science or technology.
Any business that is investing money in developing new products, processes or software may be eligible for R&D tax relief, this can also include making appreciable improvements to existing products and offerings. R&D tax relief can either be in the form of cash payments and/or Corporation Tax reductions. The UK currently operates two R&D Tax Credit schemes. The R&D Tax Credit scheme for SME’s and the Research and Development Expenditure Credit scheme for large organisations.
If you believe that your business may qualify for R&D Tax Credits or you would like to discuss how either of the UK R&D Tax Credits schemes could benefit your business, we would be happy to discuss this with you and provide guidance.