What is R&D Tax Credit?

R&D tax relief is the government’s way of rewarding businesses that are investing in innovation by developing new,
or improving existing products, processes, services, devices and materials or advancing the state of knowledge in their sector.

The relevant legislation is located in The Corporation Tax Act 2009. Guidance on the meaning of R&D is found in the BEIS Guidelines on the Meaning of Research and Development for Tax Purposes.

According to HMRC statistics, the estimated total number of Research & Development tax credit claims for the year ending March 2020 is 85,900, an increase of 16% from the previous year, with an estimated £7.4 billion claimed, up 15% on the previous year.

Making an R&D claim

R&D tax relief can only be claimed two years from the end of your accounting period. This means that once your business enters a new tax year, you are no longer eligible to claim for any projects that took place more than two years previously.

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How R&D Tax Relief Works

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