Hello! My name is Karen and I’m going to talk to you about Research & Development (R&D) tax relief.
Now, if you have made it past the first sentence, amazing. Because this blog is about getting tax BACK as oppose to paying it out. And if any of you are interested in re-investing your money back into your businesses, then read on.
In case you are not already aware, HMRC don’t talk much about this topic. In fact, as much as they are happy to spit the money out, they rely on specialists in the field to spread the word and educate. Today, I’m just going to talk to you about the area of Research & Development tax relief (R&D) and some common misconceptions around claiming.
So what exactly is Research & Development?
This is where you have advanced something in your field using either science or technology.
So that means I have to be a scientist or a technical expert? No. It means HMRC are happy to reward SME’s with either a cash incentive or a deduction in corporation tax, when they have done something like the following:
BUT, the good news is, you can still claim through the RDEC scheme. It’s a less generous pay out than traditional SME but still very worthwhile pursuing.
So there you have it, a quick 1 stop shop guide to what is R&D and the misconceptions around stopping companies from claiming.
Catax are specialists in this area and have been for 10 years. We have submitted over 14,000 successful claims to HMRC generating £221m of tax relief back in UK businesses pockets.
Don’t miss out on your chance to claim! Speak to me today if you would like to discuss in more detail.
Business Development Manager at Catax