R&D Tax Credits

What Are R&D Tax Credits?

R&D tax credits are a government incentive designed to encourage businesses to invest in innovation. If your company is involved in developing new products, processes, or services, or enhancing existing ones, you may be eligible to claim substantial tax relief.

Benefits of R&D Tax Credits

Financial Savings: Reduce your Corporation Tax bill or receive a cash refund.

Increased Cash Flow: Improve your business’s cash flow to reinvest in further innovation and growth.

Competitive Advantage: Gain an edge over competitors by reinvesting the savings into your business.

Each year, SMEs claim a substantial amount through R&D tax credits. For example, in 2021-2022, SMEs claimed approximately £4.4 billion in R&D tax relief, with the average claim amounting to around £56,000. These figures highlight the significant impact these incentives can have on supporting innovation and growth within small and medium-sized businesses.

Qualifying Activities for R&D Tax Credits:

Many businesses are unaware of the wide range of activities that qualify for R&D tax credits. These can include:

Developing or improving products, processes, or software Conducting feasibility studies or prototyping Overcoming technological uncertainties or challenges Enhancing existing services or systems Why Act Now?

Time limits apply, so don’t miss out. The earlier you identify and claim your R&D activities, the sooner you can benefit from the financial rewards.

Get Started Today!

Unlock the potential of R&D tax credits for your business. Contact us to find out how we can help you maximize your claims and drive your business forward. Don’t miss out on the opportunity to boost your innovation and growth potential.

Contact Us to learn more and start your claim process today!