R&D tax credits assist companies from all business sectors to improve, evolve and succeed through the use of innovation.

Many companies may not realise their day-to-day business activities could qualify for the reliefs available.

The potential benefit of making an R&D claim equates to a 46 pence saving for every £1 spent on qualifying R&D activities (2016/17).

The following questions are relevant in determining whether expenditure constitutes qualifying R&D:

  • what does your company do that is different/unique/bespoke?
  • what advance in science and/or technology were you seeking to achieve?
  • considering the state of knowledge in the market place at the time the R&D project began, why is it considered an advance?
  • what were the scientific/technological challenges faced in the project?
  • what work was done to resolve the technological challenges?

The deadline for making this valuable claim is two years after the end of the company’s accounting period. For example, a company with a year ended 30 April 2015 has until 30 April 2017 to make a claim.

For more information on innovation tax reliefs or to discuss how RSM can help you to maximise your R&D claim, please contact Richard Urron on 0191 255 7000 or email richard.urron@rsmuk.com.

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