R & D Tax Credits

R&D Tax Credit Relief – What Are R&D Tax Credits are you missing out?

R&D Tax Relief applies to companies liable to Corporation Tax.

There are two schemes, one for small to medium businesses (SMEs) and the other less generous scheme for large companies. The SME scheme applies to companies with less than 500 employees and either a turnover of less than €86m or a balance sheet of less than €100m.

The most generous scheme applies to SMEs and qualifying costs can include salaries/wages, subcontractors, items consumed in the development, utilities and certain software costs.

Qualifying costs incurred during the two years up to your last year-end can be claimed and may result in a reduction of corporation tax due or a cash credit.

Claimants can be technology or science-based or may be a non-technical business who has commissioned a subcontractor to develop software, for example.

You do not have to be a profitable business and in fact, the scheme can be more generous to loss making companies. Typically, the value of the claim is between 25% and 33% of the qualifying costs.

HMRC target to clear claims within 28 days of submission.

The next step

To start the process, complete the form to the left and one of our R&D team will contact you within a few hours or call the ibd main number which is listed just below in the grey section.