As part of the government's drive for greater productivity and innovation, companies carrying out research and development can claim back a proportion of their capital expenditure.
Companies of all shapes and sizes can apply. As long as you're creating new products or services that contribute to the advancement of science and technology you're likely to qualify.
If you're eligible, you can claim back up to 26% of qualifying costs as a reduction in your corporation tax - or, in some cases, up to 33.35% as a cash payment.
Not only does this help boost your businesses innovation, it boosts your businesses finances too. Helping you contribute to economic growth and putting your business at the forefront of R&D innovation.
With such generous tax breaks on offer, it should be expected that HMRC will take a keen interest in your application, so it's important to get it right. To ensure your application gets accepted, but more importantly to ensure you get the maximum return on your claim.
But submitting your application isn't always a straightforward process. Choosing which expenditure to include and what to leave out can prove tricky, so working with an R&D tax specialist is advisable in most circumstances.
At Inform we work with R&D tax specialists that have years of experience helping clients submit their R&D tax claims properly. Our specialist partner will do all of the work for you - making sure the right expenditure is included and presenting all of the appropriate documents to back it up on your behalf.
So whilst your businesses focuses on innovation, we'll focus on the paperwork.
If you’re unfamiliar with Making Tax Digital, and you want to know what it is and how and when it will affect your business, just give us a few minutes of your time and we’ll explain all in our latest guide.
Watch our latest webinar with Sian Kelly from Inform as she takes you through a step-by-step guide covering everything you need to do to prepare for Making Tax Digital.