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Archive for July, 2021

TAX CREDITS FOR R&D SPENDING

Monday, July 19th, 2021

If your business has spent more than £100,000 on R&D in the last five years, you may be eligible for Government Tax Credits, even if the project wasn’t completed.

We handle the claim on your behalf, submit information to HMRC and your credit can be available within 6 weeks.

Depending on your profit levels, there are two options:

  • For profit-making businesses, R&D tax credits reduce your Corporation Tax bill. The rate of relief is 25%. So if your R&D spend last year was £100,000, you could get a £25,000 reduction in your tax bill.
  • If you’re a loss-making business, you’ll receive your R&D tax credit in cash as you won’t have tax liability to offset. The rate of relief is up to 33%. So if your R&D spend last year was £100,000, you could get a £33,000 cash credit.

Contact us for more information and advice.

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