R&D tax credits enable companies that spend money on developing new products, processes or services to receive a cash payment or tax deduction. The relief was implemented by the Government to help encourage UK-wide business innovation.
Companies can claim cash repayments of up to 33 per cent of their qualifying R&D expenditure, which can provide a cash boost that is crucial for growth and financial stability.
R&D tax relief is not limited to intensive technical activity or the development of complex or completely new products.
- Creating processes and systems for use within a business
- The development of a process or product already in existence, if methods are not common knowledge or if there is an aspect of technological uncertainty (such as mobile app development)
- Improving existing products or processes in the marketplace, if technological uncertainty is an issue
- Business activities that innovate and resolve technological uncertainty
At Bishops, we have the expertise to guide your company through claiming R&D Tax Credits, advising you on the activities that are eligible and how to maximise the financial benefit you receive.
For more information about how we can help your business with research and development, please contact us.