Research and development can be absolutely crucial to transforming your business through innovation and growth. Tax credits can help you push the boundaries of what your business can achieve.
R&D tax credits are a government incentive designed to reward companies in the UK for their innovation, and they’re a valuable source of cash for businesses looking to ultimately grow in scope and ambition. By spending money on your innovation, you can make a claim to receive either a cash payout or a reduction in your Corporation Tax. Not entirely sure what your business works on constitutes innovation? The scope for what R&D tax credits cover is enormous and in fact, can be found in every sector.
While the criteria for what constitutes R&D is purposefully broad, specifically the government is looking for companies that create new products, processes and services, as well as change or modify an existing product or service - so you see, it’s fairly broad.