What are R&D Tax Credits?
What are R&D Tax Credits?
When we speak to new clients, they often ask us the same questions - 'What are R&D Tax Credits?" or "How do I qualify for R&D Tax Credits?".
Research and Development (R&D) Tax Credits are a government initiative that have been developed to encourage innovation within UK businesses. They provide a valuable source of financial benefit and help to accelerate growth and prosperity.
However, very few companies understand the nuances of the complex legislation, and how to maximise the financial benefits of this generous tax initiative. Our expert team leaves no stone unturned to ensure our clients are delighted at the maximum outcome of their claims.
How do I qualify for R&D Tax Credits
Claims can be made under two initiatives: the SME initiative for smaller businesses, and the RDEC initiative for larger organisations. Under both initiatives, the following key criteria applies.
- Are you a limited company or PLC in the UK that is subject to Corporation Tax?
- Is your business currently trading?
- Have you attempted to design a new product, process, system or service or improve an existing one?
- Does your business face regular challenges in an attempt to remain competitive?
If you meet the criteria above, you are potentially eligible for relief and you should contact us today to discuss how we can help you and your business. Momentum Group, specialist R&D tax credit consultants.
