Are You Taking Advantage of Research and Development Tax Credits?
If your business
undertakes research and development (R+D),
then you may be missing out on tax credits
or even a small cash sum that you could be
eligible to receive from HM Revenue and
Customs (HMRC).
HMRC gave out over £150
million to local innovative science and
technology companies in the last year;
helping all sorts of industries including
computer games, sports cars, manufacturing,
cheese making, food testing and machine
safety.
The R&D tax credit works by allowing
companies to deduct up to 150% of qualifying
expenditure on R&D activities when
calculating their profit for tax purposes.
Small or medium companies can, in certain
circumstances, surrender this tax relief to
claim payable tax credits in cash from HM
Revenue & Customs.
HMRC's Head of R&D Tax Credits Jeremy
Sherwood said: "This is an incredible result
in one year. HMRC's R&D Units are keen to
help business and innovation to grow
throughout the UK. They help support small
and medium sized businesses across all
business sectors to make successful tax
credit claims.
"We are very pleased that so many companies
have approached us to find out whether they
are eligible for funding. Our R&D teams
regularly visit companies at their premises
and help them to ensure they do not miss out
on R&D tax credits.
"We always look forward to hearing from any
company in science and technology with
innovative ideas who have not yet thought of
funding through R&D Tax Credits."
Further information on the new R&D tax
credit units is available online from HMRC.
More information on Tax Credits is available
from the Department for Business Enterprise
and Regulatory Reform..
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