Research and development may cause images of people in white coats with chemistry equipment, but the scheme is not just designed for those types of R&D.
The activity is generally technology-based but is not limited to the science and technology sectors. This could mean developing a completely new type of technology for use within your business or adapting existing technology to meet your business needs.
R&D can apply to any products/services your business offers, as well as any internal activities. All sizes of business are eligible. There are two forms of R&D tax relief:
Small and medium sized enterprises (SME) R&D Relief
Research and Development Expenditure Credit
The first is for a business with fewer than 500 staff and a turnover of under 100 million Euros, while the latter is for larger companies. We help businesses of all sizes to understand their R&D tax eligibility and submit claims to HMRC.
We can, however, only work with limited companies, not partnerships or sole traders.
If your company has invested in R&D at some level, then it is probably eligible if you can answer yes to these questions:
Is your business is a limited company?
Do you have at least 1 years trading history?
Do you have at least 1 years filed accounts with Companies House?
Are you liable to pay corporation tax?