R&D Tax Credits
Based in London
Research and Development (R&D) serves as a significant advantage for companies that are investing in innovation as well as the creation of new processes, products, and services.
Does your business qualify for tax breaks for research and development? To maximise your tax savings, we wish to collaborate with you to determine any qualifying R&D expenditures.
You might qualify for R&D tax reduction if your business is funding initiatives to innovate and create new procedures, goods, and services to improve science or technology.
What are the requirements for R&D tax relief ?
- There must be a project focused on the issue to be resolved.
- There must be an intention to achieve an advance in science or technology.
- The project must relate to the company’s trade – an existing one or one it intends to start based on the results of the R&D.
- The business must describe how its effort aimed to dispel doubt about the advancement it hopes to make.
- It must be a problem that is difficult for a specialist in that discipline to solve.
- Even if a technique, product, or service was created by another business but isn't widely known or accessible, it might still be considered an advancement.
- For example, numerous businesses are now developing both driverless and electric vehicles. Each of them will submit a claim for R&D tax reduction.
- The project may investigate or create a new procedure, good, or service, or it may enhance an already existing one.
Qualifying expenditure
The costs that can qualify for R&D tax incentives include:
- Staff costs for employees involved in the projects
- Software used in the R&D
- Consumable items
- Contracted out R&D costs* (65%)
- Externally provided workers (subject to restriction)
Get in touch
Let Lesstax 4 U Accountants look at your eligibility to using the R&D tax credit scheme.