If your business is a trading UK company paying corporation tax and has spent money carrying out research and development (R&D) activities, you could be eligible to claim a R&D tax credit.
Introduced by the government in 2000, the tax relief is designed to reward and encourage innovation by British companies and help economic growth and success across all industries and sectors.
Unfortunately, many business owners don’t appreciate the very wide definition of R&D and don’t realise they are missing out on the possibility of receiving substantial tax refunds.
For tax purposes, R&D will be often involved in the creation of an innovative process or way of working; the improvement of an existing product or the design of a new piece of software to tackle a particular issue. It is not restricted to work undertaken in laboratories by scientists in white coats!
McBrides is well-placed to assess your business and determine if it could qualify for a claim. We can prepare a detailed report identifying qualifying projects and expenditure, make the appropriate submissions to HMRC and liaise directly with them in order to keep you up to date on a claim’s progression.