Too often we think of tax as negative concept, however be aware that there is potential to get money from HMRC.
R&D tax reliefs were established to help drive innovation in the UK. They offer companies that carry out R&D activities the opportunity to reduce their tax bill.
You may not think that you are engaged in Research & Development but ask yourself…..”Is my business under competitive pressure and are we constantly trying to improve our product or service by deploying science or technology?”
If you think the answer is either a definite or possible “Yes” then you should look into the matter further as the level of tax refund is very significant for qualifying SME’s
For 2016, the tax relief on allowable R&D costs is 230 per cent – that is, for each £100 of qualifying costs, your company or organisation could have the income on which Corporation Tax is paid reduced by an additional £130 on top of the £100 spent.
For more information, please click here to read the J4-insight paper and contact us to discuss your situation.