The tax authorities in the United Kingdom, operating under the…
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.