There is a lot said about R&D tax credits. It can feel like some mystical process that is hard to fathom and even more difficult to attain. But that doesn’t have to be the case. If you have the right support network in place, then R&D tax credits can be a simple thing to apply for – and bring a lump sum of cash back into your business.
It has been set up by the government to support businesses that undertake research and development in their business. This isn’t the traditional image of people working in white coats stood in a lab all day. Research and development can be a number of things, such as –
- Software development
- Changes to existing processes
- Developing a new product
- Adapting an existing product If you are unsure then you can check out the details on the HMRC website.
What does it mean for me?
R&D tax credits are a system of rewarding companies that make advances in their business. And we are here to help you make the most of this incentive. All you need to do is speak to our team and we will help you understand the research and development projects present in your business. From there, we will gather all the information needed to submit a claim.
Businesses large and small all over the UK have been claiming R&D tax credits for years. If you haven’t yet submitted a claim, then we can look back at the last 2 tax years in addition to the current one. This could add up to a substantial claim for your business.
Think about how you could use a cash injection into your business. It might help to pay off a tax bill, support investment or be taken out of the business. Speak to us today and find out how R&D tax can make a big difference to your small business.