R&D Tax Credits

Research and Development (R&D) tax credits are a UK government initiative to encourage innovation in science and technology. These credits are financial incentives for companies engaging in pioneering projects, fostering progress and excellence within their industries. By offering financial support, R&D tax credits enable businesses to invest in accelerating their research and development efforts, hiring additional staff, and fuelling overall growth.

How R&D Tax Credits Work

If your company spends on developing new products, processes, or services or improving existing ones, you may qualify for R&D tax relief. Making a claim could result in a cash payment or Corporation Tax reduction. R&D opportunities exist across all sectors, and first-time claimants can often apply for relief in their last two accounting periods.

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 To qualify for the R&D tax credit, your company must be taking risks to advance science or technology in your field. If your project team faced uncertain outcomes at the project’s beginning and didn’t know if a specific goal was achievable, it likely qualifies. Additionally, if your project involves going beyond existing technologies and simply applying new ones, you may be eligible to make a claim.

The accounting treatment for SME R&D tax relief is simple: the credits are non-taxable and only affect your tax charge. They appear in your income statement as a reduction in Corporation Tax or as a credit, depending on your accounting method. Adjust your accounts if you calculate the claim before filing them, or use an estimate. If unsure of the credit’s value, include a prior-year adjustment after HMRC processes your claim.

Your project must drive advancements in science or technology to qualify for the R and D Tax Credit. Whether you’re a startup or an established business, our experts will ensure your project aligns with the government’s definition of a successful claim.

 You might be able to get relief for these types of expenses:

  1. Paying staff from agencies who are helping with R&D
  2. Costs for employees who work directly or indirectly on R&D
  3. Things like materials and supplies used for the R&D project
  4. Money spent on other companies doing R&D for you
  5. Software that the R&D team uses
  6. Basic needs like fuel, power, or water

 Many businesses are unaware that they can also get benefits for capitalised expenditure. They don’t take advantage of these extra benefits. We can help find these special spending types and advise on getting the most out of your R&D claim.

To claim R&D tax credits, follow these seven key steps:

    1. Company Introduction and Fact Finding: Begin with an initial contact to determine your company’s eligibility for R&D tax relief.
    2. Initial Contact with your Claims Consultant: Get in touch with your Claims Consultant to discuss your specific requirements and gather relevant information.
    3. Preparation of Draft Report: Work with your Claims Consultant to prepare a comprehensive report outlining the R&D activities undertaken and their eligibility for tax relief.
    4. Finalisation: Review and finalise the report, ensuring all necessary details are accurately represented.
    5. Submission to HMRC: Submit the finalised R&D tax credit claim to HMRC for assessment.
    6. Benefit obtained from HMRC: Await the assessment outcome from HMRC and receive the R&D tax credit benefit if approved.
    7. Diarise Future Claim: Keep track of future R&D activities and potential tax credit opportunities to ensure ongoing benefits.
  1. Expert Guidance: Our R&D Tax specialists have in-depth knowledge of the R&D tax credit scheme, ensuring error-free and maximised claims.
  2. Simplified Process: We handle all paperwork and complexities on your behalf, allowing you to focus on your innovative projects.
  3. Customised Solutions: We tailor our services to your needs, providing personalised attention to detail.

Take the Next Step

If your company is driving innovation in science and technology, seize the opportunity for R&D tax credits—partner with Lanop Business and Tax Advisors to unlock financial rewards for your groundbreaking work.

Our Guide

Lanop R & D brochure

Whether your company is large or small, has a complex or simple structure, or operates from one or multiple locations, Lanop Business and Tax Advisors can handle your R&D tax claim from beginning to end. Lanop is one of the UK’s most experienced innovation tax experts. In this guide, you will get all the questions we often ask about claiming R&D tax relief. 

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R&D Tax Credit Guide by Lanop

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