Research and Development (R&D) tax credits are a government incentive, operated by the HMRC, designed to reward UK companies for investing in innovation. Research & Development tax credits are a valuable source of income for many companies that wish to develop their business. R&D tax credits can also be a used as an investment into further research and development for your company.
According to HMRC, “Research and development takes place when a project seeks to achieve an advance in science or technology through the resolution of scientific or technological uncertainty.”
Companies that invest money into developing new products, services and processes or enhancing existing ones, are eligible for benefits such as a cash payment, reduction of corporation tax or increase in taxable losses.
What is the process to claim R&D tax credits?
Once it’s clear that you are eligible to make a Research & Development tax credits claim through SHENCOH, we will prepare all of the information required by HMRC on your behalf to make sure all the hard work is done for you.
Our Research & Development tax specialists will claim for your two most recently completed financial years. For example, if your financial year end is the 31st December 2020, you can claim back Research & Development tax credits for the years ending 31st December 2018 and 31st December 2019.