Research and development (R&D) tax relief can bring valuable financial benefits to innovative companies of all sizes.
Broadly speaking, R&D tax relief is available to any company developing new processes or products that advance science or technology, even in a modest way, by resolving an area of uncertainty.
Slightly different R&D regimes apply to large and to small and medium-sized enterprises (SMEs), with SMEs able to claim R&D relief at a more favourable rate, with no minimum spend and no limit on refunds.
This means they can claim back a higher-than-usual percentage of qualifying R&D expenditure – for items such as staff costs, software and raw materials. If the business is loss-making, it can claim a tax credit.
At Imran & Associates, we will assess the viability of your claim and prepare it in a way that gives you the greatest chance of success. We can also advise on issues like improving record keeping, so that you can better track activities involved in your R&D and the costs involved, so that all eligible expenditure is claimed for.
We will also build your R&D into your business planning so that you can use the tax as part of an ongoing strategy to grow your business.