R&D Tax Credits for Businesses
Most businesses don’t claim Research and Development (R&D) Tax Credits that they are due. This is mostly down to them not knowing that they have a valid claim, not understanding the process or knowing what can be claimed.
This can be quite a setback for SMEs, especially when business has been challenging and having cash is paramount. In such a case, this form of assistance is not just welcome, but required.
R&D tax relief for businesses is available for a variety of verticals, including but not limited to engineering, manufacturing and food manufacturing, healthcare, and more.
You can claim small business R&D tax credit for any innovation, ideas or upgrades that lead to product and process improvement in your business. These include, but aren’t limited to:
CRM and e-commerce improvement plans
Internal software and hardware upgrades
Previous or future production optimisation
Manufacturing and product improvement planning and projects
Time invested in product or process improvements, including time of people and meetings
Additionally, you can get R&D relief for improving business processes and products not just for the latest accounting period but also for up to the last two accounting periods, depending on when you make the claim. In the case of SMEs, the claim can be up to 33p for every pound spent!
We understand that not everyone has the know-how required to know when and how to claim tax back for improving production processes. This is why we offer our expertise in the area.
If you would like to know whether you have eligible claims or are claiming enough, then please contact us for a no-obligation call or video discussion.