Innovative businesses, both large and small, are hungry for funding to assist them with recovery and expansion plans.
Despite this, data from HMRC suggests that more than £84 billion of Research and Development (R&D) tax credits have not been claimed, while it is estimated that around 80 per cent of eligible companies have either not claimed or have under-claimed.
To benefit from R&D tax credits, you must:
- Be a UK limited company that is subject to Corporation Tax
- Have spent money on an eligible project
- Have completed qualifying research and development activities
- Have incurred qualifying expenditure
Businesses can claim R&D tax credits where they develop a new product, service or process or if they enhance an existing one. Claims can even be made against projects that result in a loss or previous R&D activities in the last two years.
There is a common misconception that these tax credits are only available to firms in the most innovative of sectors such as IT and engineering. However, claims have been processed successfully for a wide range of sectors.
The team at R Johnson specialise in R&D claim, we can assess and assist you with your claim.