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What are R&D Tax Credits?
R&D Tax Credits are a government incentive introduced by the UK in 2000 to encourage scientific and technological advancements. They offer financial rewards to businesses that invest in innovation. Despite their benefits, many eligible businesses do not claim this relief scheme.
According to HMRC, R&D for tax purposes occurs when a project aims to achieve an advance in science or technology. Activities that directly contribute to this advancement by resolving scientific or technological uncertainties qualify as R&D.
Qualifying R&D activities include designing new products, developing new services, creating new processes, adapting existing processes, or focusing on product innovation. These tax credits are a valuable source of cash for businesses, enabling them to accelerate their R&D efforts, hire new staff, 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 specialist 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 or unexpected complications. Navigating R&D tax credits has never been easier. Our no-obligation consultation won't affect your credit score.
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01
Discovery and Assessment
Your ATL contact will help gather the needed information, supported by our expert advisers, consultants, and specialists.
02
Information Collation and Analysis
Our specialist team will help identify qualifying R&D and work with you to gather all necessary information for a successful claim.
03
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.
04
Approval and Submission to HMRC
You'll get reports for approval with breakdowns of our findings. We'll finalise and file your tax credit claim with your Corporate Tax Return (CT600). After submitting your claim, we'll liaise with HMRC, providing ongoing support.
05
Receipt of Benefit Funds and Reinvestment
Your innovation investment benefit can lower your Corporation Tax Bill or be paid into your account. The Approved group can aid further investment for growth.
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