Research and Development (R&D) Relief is a Corporation Tax relief that may reduce the company’s tax bill or, in certain circumstances, generate a loss which may be surrendered in exchange for refundable tax credit.
There are two schemes available with differing rates of relief, depending on the size of your business.
Qualifying R&D Projects
R&D Relief is available if an R&D project ‘’seeks to achieve an advance in overall knowledge or capability in a field of science or technology through the resolution of scientific or technological uncertainty – and not simply an advance in its own state of knowledge or capability’’.
This is a very broad definition and can encompass a wide range of activities, including those which may not appear to be research and development.
At Jelliff Lamprey we have extensive experience of R&D claims across a number of industries.
If you think that your business may qualify for additional relief please contact us so that we can assist in maximising your claim.