Thousands of small and medium-sized enterprises (SME’s) are receiving tax credits from the government for research and development (R&D) projects. SME’s can see a return of up to 25% of relevant costs, and businesses are claiming back £46,000 on average – a great cash injection for any business or future tax relief.
Here’s what it takes to qualify for SME R&D tax relief:
- Fewer than 500 employees
- Under 100m Euro turnover
- Eligible to pay UK Corporation Tax
- Using considerable expertise to solve real-world problems
- Investing in staff, software, consumable items, prototypes or materials
Not nearly enough business owners know about R&D Tax Credits, or realise what an enormous boost they are. Many mistakenly assume that they’re too difficult to qualify for or underestimate the scale of what’s on offer. Some simply can’t imagine that the scheme would even apply to their business.
Research and Development isn’t the clear-cut, restrictive category that most people expect. To really get the best out of R&D Tax Credit claims takes close attention and a real understanding of how to present your innovations to HMRC.
RIFT R&D Tax Credits help SME’s claim money back, or gain tax relief from the Government on advances and innovations delivered by their business.
Sarah Collins from The RIFT Group will be joining Simon on Friday the 4th of August to discuss R&D tax credits and the way in which businesses can qualify and benefit.
Tune in from 1pm on Channel Radio.
You can download RIFT R&D’s Research & Development Tax Relief booklet for the construction industry here.