R&D Tax Credits are part of a Government scheme that allows SMEs to reclaim up to 33% of the amount spent on Research and Development – even if you make a loss.
The average SME claim in the UK is £45,000 and covers items such as:
- Staffing Costs
- Subcontracted R&D
- Consumable Items
- Software Tools
- External Workforce
You may potentially qualify for R&D Tax Credits if you have less than 500 employees and a turnover of less than £100 million, or you have Assets of less than £86 million.
But first you need to prove to HMRC that your project achieved a technical or scientific advance by overcoming an uncertainty that other professionals in the field could not.
We have a great track-record in working with HMRC and understand the complexities of their requirements.