Research and Development tax credits generate cash resources for organisations via the corporation tax system. Additional cash funds are made available through corporation tax savings, receiving cash payments from HMRC or a combination of both.
R&D tax credits are a form of tax relief, the purpose of which is to cultivate scientific and technological brilliance, boosting the UK's competitive advantage and ultimately fueling economic growth.
How to know if your organisation is eligible for R&D tax credits
Your organisation will be a UK trading company that is subject to paying UK corporation tax.
Your organisation is creating or making changes to products, materials, devices, processes or services.
You will be founding something that doesn't exist, improving what does exist or duplicating something in a different way.
Your organisation is looking to find solutions to challenges that have not yet been solved by your industry.
Your project explores the application of scientific or technological principles relevant to your industry.
Your organisation must have incurred costs to fund the activities assisting with problem solving.
Figuring out your tax credit scheme depends on lots of different factors.
The size of your organisation (headcount, turnover and gross assets based tests)
The influence of other organisations
How any grants or subsidies received apply to support your R&D projects
How your R&D project came about
Financial contributions or payments that might cover your qualifying R&D expenditure
Achieving a robust R&D tax credit claim!
Learn how to put together an R&D tax credit claim that stands up to HMRC scrutiny.
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