What is R&D?
What are R&D Tax Incentives?
R&D stands for Research and Development, something that every business sector does in order to explore, expand and evolve.
The majority of businesses that perform R&D in the UK have no idea that they are eligible to claim tax credits.
R&D Tax Credits are a government incentive designed to encourage innovation across multiple industries. This is an opportunity for businesses to reduce their corporation tax bill or receive a refund from HMRC based upon the number of working hours the business dedicates to research and development.
Your R&D Costs Covered
Research and development can be expensive. Adopting new technologies and employing specialised staff can become costly. Hence why many company directors are hesitant to invest in innovation. When the costs involved must be paid for upfront and there is no guarantee that the project will even be a success, it can be difficult to move forward.
R&D Tax Credits help you inject money back into your business by refunding costs such as: