In many business owners’ minds, research and development conjures up images of laboratories with geeky men and women wearing white coats and believe R&D is the exclusive preserve of the world’s biggest companies involved in science, advanced technology and pharmaceuticals.
Well, this is not true. In recent years, your everyday SMEs were responsible for more than 80% of R&D claims. The claims come from SMEs ranging from a restaurant owner trialling a new recipe in his restaurant to a small business streamlining its IT
However, 4 in 5 businesses that could be claiming R&D Tax Credits are not. This may be because of a lack of understanding among the SME community as to which businesses are actually eligible for the relief.
The HMRC Research and Development Tax Credit scheme is not just for technology driven enterprises. It is one of the most lucrative tax relief systems available to SMEs and is aimed to encourage innovation here in the UK. This relief is available to any business investing in innovation, regardless of which sector.
From printing to construction, small and large business alike are eligible to apply for and receive a credit if their relative project meets the criteria.
Askews Accountants can advise you on R&D tax relief for SMEs. We can discuss what potential benefits and the impact that this scheme can have on your business so that you understand how best progress your R&D investment.
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