In plain words, Research & Development Tax Credits is a government allowance that is given to companies in order to encourage them to innovate more. Eligible companies are at liberty to reclaim as much as 130% in tax credits as the cost of R & D – a rather generous amount if you think about it?
If your company carries out research and development you should be eligible for R & D Tax Credits, which can reduce your tax bill or increase taxable losses. The scheme is not only for those making groundbreaking innovations. If your company undertakes development activities, you may well qualify.
The effort is worth it.
The average benefit for a UK SME is an impressive £49,500.
Surprisingly a staggering 90% of eligible companies are missing out by not claiming Research R&D Tax Credits!
Yet the scheme can be applied across almost all industries and sectors. It is a misconception that R & D only applies to people in white coats.
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