The European Union introduced the R&D Tax Credit scheme in 2000. Its goal was to provide tax incentives for small to medium sized enterprises (SMEs) for investment in innovation. The UK government extended the Research and Development Tax Credit scheme in 2008 to serve the purpose of including incentives for larger companies and to increase those for SMEs. The relief for SMEs now stands at at 225% from April 2012 and relief for large companies is at 130%.
Research and development tax credits are some of the most overlooked business aspects. Entrepreneurs often wrongly assume that to acquire them they must have on-site laboratories or prominent research departments. They also think they will obtain an IRS audit once they acquire R&D Tax Credits. However, things could be very straight forward and we will be more than happy to assist you.
You should definitely consider R&D Tax Credits if your company belongs to the following categories:
To see whether your expenditure is eligible under research & development tax credit, please contact us. Write a short detail of the nature of the expenditure, its benefit, etc to firstname.lastname@example.org and one of our experience case workers will get back to you to discuss further.