In 2000, the government created the research and development (R&D) tax credits scheme to encourage innovation and increase spending on R&D activities.
During the coronavirus pandemic, many businesses are turning to R&D tax credits to provide extra liquidity and help secure their futures.
R&D is a Corporation Tax relief that may reduce your company’s tax bill if your company is liable for Corporation Tax or, in some circumstances, you may receive a payable tax credit.
R&D takes place when a project seeks to achieve an advance in overall knowledge or capability in a field of science or technology. Businesses often don’t realise that they qualify for R&D tax credits or that they are not claiming their full entitlement. However, any company that spends on innovating, improving, or developing a product, process or service could qualify.
It is worth considering your business's activities to assess whether you can claim R&D tax credits.HMRC notes that credits can also be claimed for unsuccessful projects.
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