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What are R&D Tax Credits?
R&D Tax Credits, introduced by the UK government in 2000, are designed to promote innovation by providing tax relief to companies engaged in scientific or technological advancements.
R&D for tax purposes involves projects aiming to achieve progress in these fields by resolving uncertainties. Qualifying activities include various forms of innovation and development.
By claiming back a portion of their R&D expenditure, businesses can reduce their tax bill or increase taxable losses, thus gaining valuable funding to reinvest in resources and further advance their R&D efforts. This incentive acts as a mechanism to help companies foster innovation and drive growth.
Qualifying for R&D Activity
By meeting the criteria for R&D Tax Credits, your company can gain access to substantial financial rewards, enabling you to accelerate research and development efforts, invest in new technologies, hire additional staff, and drive overall growth.
You may qualify for R&D activity if:
You are a company who is engaged in the design and development of new products.
You are actively developing new services.
You are a business currently creating new processes or adapting existing processes.
You are focusing on product innovation.
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R&D Criteria
The government's R&D criteria are intentionally broad. Regardless of your company's size or sector, if you are taking a risk to address scientific or technological uncertainties, you may be engaging in qualifying activities. These activities could include:
Creating brand new products, processes or services.
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Changing or modifying an existing product, process or service.
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If you're unsure whether your project is feasible or uncertain about how to implement it, you may be addressing technological uncertainties and engaging in qualifying R&D activities. According to the government's definition, research and development efforts do not need to be successful to qualify.
If you would like further detail on R&D Tax Credits or require any other specific information, then please speak to a member of our Approved tax team today.
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Our R&D Tax Claim Process
Discover our streamlined process for securing R&D tax credits. We ensure complete transparency in our services, with no hidden fees.
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01
Discovery and Assessment
Your ATL contact, supported by our specialists and consultants, will gather the necessary information. Our team will then help identify qualifying R&D and work with you to prepare a successful claim.
02
Building your R&D Tax Credit Claim
We will build your claim, add the required evidence for HMRC, and detail your qualifying activities and costs, ensuring compliance for a strong claim.
03
Review and Submission to Process
You'll get reports for approval with breakdowns of our findings. After submitting your claim, we'll liaise with HMRC, providing ongoing support.
04
Receipt of Benefit Funds and Reinvestment
The R&D tax relief can come in the form of a tax credit or a reduction in Corporation Tax liabilities (or both).
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