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RESEARCH & DEVELOPMENT

RESEARCH & DEVELOPMENT

One of our niche areas of advice is Research & Development tax credits. If you are already with us we will be on the look out for any areas within your business which may qualify for R&D tax relief.​
R&D stands for ‘Research & Development’. It is the process of taking an idea and transforming it into a fully-fledged product or process. Researching, designing, creating and testing are all part of the R&D process.
R&D tax credits are a HMRC incentive designed to encourage innovation across multiple industries. This is an opportunity for you to reduce your corporation tax bill or receive a refund from HMRC based upon the costs your business dedicates to ‘Research & Development’.
Research & Development Tax Credit
​Under the scheme, SME’s can claim back up to 33% of the costs associated with R&D. That’s 33p back for every £1 spent on qualifying R&D activities.
R&D can occur in businesses of all sectors and sizes. However, some of the sectors that most commonly conduct ‘Research & Development’ are IT/Software, Electrical Engineering, Manufacturing, Care, Food/Drink and Agriculture.
Most of these industries are unaware they are even conducting ‘Research & Development. The definition of R&D is much broader than you think. Read our R&D tax relief blog post or contact us to find out more.

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