Research & Development tax relief was introduced in the year 2000 as an incentive to drive business innovation and therefore wealth creation in the UK. Even up until recently, Chancellor Philip Hammond insists the UK’s R&D tax relief scheme is “globally competitive”.
To be fair the Government seems to be putting the money where it’s mouth is in terms of amounts pledged for UK businesses, giving financial support in the way of tax concessions for those adopting a level of uncertainty by the way of:
* Attempting to develop a new (or bespoke) product.
* Modifying an existing product or process.
* Making environmental improvements to processes.
* Carrying out in-house design/development work.
* Developing new software/CRM (or enhancing an existing one)
* Changing the composition of products, in response to changes in legislation.
* “Problem solving” to meet customer’s needs.
* Testing, or improving innovation, new materials, processes or code?
Failed products/ventures can also qualify!
If your business carries out any of the above, it is likely it is undertaking qualifying Research & Development activity, and could benefit from the substantial pledges set out by the Government.
The Government has a desire to “future-proof” the UK economy, and is doing what it can to raise awareness of the scheme, however there is a long way to go before this generous, legitimate benefit works its way through to those it is intended to assist.
The majority of business owners (and their Advisers) do not understand the scheme, and have therefore missed out on thousands in legitimate tax benefits since the year 2000. This is where we can help.