Any physical spending relating to R&D can be used within a claim for an eligible business, to give either a physical HMRC cash payment or a reduction in your corporation tax bill.
A company project must be seeking to achieve advancements in science or technology. The company must develop the advancement seeking to overcome any uncertainty in science or technology. Eligibility varies in activities undertaken, however any business can qualify for this if they have adhered to HMRC guidelines on R&D.
The research & development (R&D) tax credit is designed to encourage innovation and increase spending on research activities for companies operating in the UK. This allows R&D spend to be recovered either as a reduction in Corporation Tax or a cash repayment.
From 1st April 2024 HMRC are streamlining the R&D process to a new ‘merged scheme’, which will change the way that claims are completed and how costs are accounted for. Please enquire if you fit in to this criteria or of you are interested to know how your business fits in with R&D.
An eligible business may include the following services:
Our charge would be 20%+VAT of tax savings.
SRC Accountancy Services
