The government has announced numerous special measures to help businesses to limit the impact of coronavirus. These are welcome, however, a valuable relief has been with us for many years and could gain you access to vital funds at this time.
Research and Development Tax Credits
Research and development tax relief can reduce your corporation tax bill or generate a cash refund. With cash flows under strain this can help. For every £100 spent on R&D you get a further £130 relief.
If you haven’t done so already, now is the time to submit an R&D claim. You can claim back up to 3 years and monies can be used to reduce corporation tax, get a refund, or credit.
Businesses are entitled to claim R&D tax relief even when they have come up with no resolution or the project has not been completed, as long as they can demonstrate investment and that the project meets the criteria of an advancement in the application of science and technology (but you do not need to be NASA), and have no existing equivalent solution.
Our research and development team have completed many successful claims for clients in the software development, hospitality, construction, manufacturing, telecoms, publishing, video, fund management and insurance industries.