R&D Tax Relief is a government initiative that encourages innovation and increased spending on R&D activities by providing a potentially significant corporation tax benefit.
There are two schemes depending on the size of your business. A company would qualify for the SME scheme if:
Any business exceeding the above would fall into the “large company scheme” for R&D purposes. Under this scheme, you could claim up to 10p for every £1 of qualifying expenditure.
For profit making SMEs there is an average tax benefit of up to 25% - and the average claim made under this scheme so far in the year 2017/18 is worth £53,713 in cash. Loss-making SMEs can also benefit by claiming up to 33p for every £1 of qualifying expenditure as a cash payment.
UK businesses that incur expenditure developing new products, processes or services (or even enhancing existing ones) are eligible for R&D tax relief – and this is not limited to any specific sector.
To qualify you must:
Jerroms is a trading style of both Jerroms Business Solutions Limited 08923059 and Jerroms GCN Limited 08433008.
Registered office for each of these companies is: Lumaneri House, Blythe Gate, Blythe Valley Park, Solihull, B90 8AH