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Research and Development Tax is for businesses that invest in innovation and change!
This can be through developing new systems, processes, products, materials, devices or anything else that changes the way that your business works.
If you own a limited company that has been trading for 12 months or more and you have developed something as listed above, or you have improved something already existing then you could be eligible to make a claim for The R & D tax relief.
Even if your company is not making a profit or it is on a loss then a claim is still on the cards!
The following are the industries that typically qualify for R & D Tax.
Architecture/Construction & Civil Engineering
Automotive/Motor Vehicle Engineering
Biotechnology/Medical and Pharmaceutical
Electrical/Electronic and Robotic Engineering
Food – Including Restaurants & Breweries
IT & Communications
Publishing Printing and Reproduction
Retail and Wholesale
The types of activities you can claim against vary but here are some ideas for you:
Design and building software
Commission of new or customised software
Development or creation of new recipes
Design and creation of automation
Reduction of waste output
Reduction of utility consumption
You can also claim for the costing of the project from the start date you start working on it right up until you develop it.
Staff payroll costs
Administrative support including agency work that provide you staff for the project
Consumable items including materials and utilities
You can claim even against projects that have failed in the end. The whole point of the R & D tax is not the outcome of the project but the intent of investing towards technological advancements.
The amount you can get back through this scheme depends on the size of the company. Small to Medium Enterprises can claim an effective 14-33% on qualifying costs.
Sence has close trusted associates who can deal with your R & D Tax matters in a professional, personable way. Call us on 01530 267320 for more information.
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