Do I Qualify?
It is not just about people in laboratories and white coats. If your company is innovating for a better future or to gain an advantage in its field of innovation you could be eligible.
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Which Costs Qualify for R&D Tax Relief?
It would surprise you what is eligible for this incentive as it is not all white lab coats. You can claim Research and Development Tax Relief on revenue expenditure, like day-to-day operating expenses. But you usually cannot include capital spending within the R&D tax credit report.
To summarise, you must be able to exhibit to HMRC that the product or process you’re going to include in your claim is truly of innovation, on a technological level, an advancement to your industry standard approach, a project that seeks an advance in science and technology through a level of technical uncertainties or where a solution isn’t readily available by a competent professional in that particular field.
Costs that qualify for R&D Tax Relief
> Staff costs
> Consumable items
> Subcontracting costs
> Externally provided workers
> Software
> Money that was spent during your last two completed financial years on R&D projects.
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Food & Drink
If you developed an innovative recipe, flavour or variety, change the way you package your food or drinks or revolutionise the machinery you use or looked into an innovative way of increasing the shelf – life of your food or drinks these could all be rewarded with R&D Tax Relief.
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Life Science
New technology has helped bring enormous improvements in healthcare and this is one of the key areas HMRC will reward your business with R&D Tax Relief.
Make a claim today
Manufacturing & Engineering
Similar to the science and technology industry, if you are spending money on creating new processes, changing packaging or developing new products, you could benefit from R&D Tax Relief.
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Other Industries
If your company helps to reduce waste, develop software or help you create a competitive advantage in an innovative way, R&D Tax Relief could be on your way.
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Request A Call
Request a free no obligation eligibility check with one of our R&D Tax Experts.