In 2000, the government introduces its first Research and Development Tax scheme designed to encourage scientific and technological innovation within the UK. Quite simply its intention is to reward those companies who are trying to improve via their technical work. You don’t even have to have been successful – failed projects can also qualify.
The bottom line is that the SME R&D Tax credit scheme is a generous government-backed tax relief that could significantly reduce your company’s tax bill or you may receive an payable tax credit. The additional Research and Development Expenditure Credit (RDEC) scheme was introduced later to cover the larger or more complex companies.
With both schemes, the money is returned to you effectively tax free and can be paid as a corporation tax refund or tax offset which can be used for anything. Such as hiring additional developers, buying equipment, or even paying dividends. How will you spend yours?
Our in-house specialists will guide you through this whole process from start to finish. Contact us and we’ll let you know if and how you qualify.
Visit our sister company's website for more information www.randdtaxservices.co.uk