R&D tax credits
Research and Development (R&D) tax reliefs, or R&D tax credits as they are also referred, are government tax reliefs rewarding UK companies for investing in innovation and can have a valuable impact on small and large businesses alike. The government has set aside billions of pounds for claims over the coming years and the definition of qualifying companies is wider than you might expect – and definitely not the preserve of the scientists in white coats.
Businesses spending money on developing new products, services or processes and even enhancing existing ones, can be eligible for a sizeable reduction in their Corporation Tax and / or a cash payment to reward their investment. The relief is equivalent to 33p for every £1 of qualifying expenditure. This means that the tax relief is 230% of the amount invested in R&D activities.
R&D Tax Relief is available to businesses in Reading, Slough, Maidenhead and Berkshire.
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