The HM Revenue & Customs or HMRC has made it easy for a large company to avail tax relief from their research and development expenditure.
By applying for a tax credit relief, you can improve your business cashflow, reduce your tax rate and lessen your income tax expenses. This might just be the perfect solution for your business.
Things that can help you qualify for an R&D tax relief
Not a lot of business owners know that they can apply for R&D tax relief. Despite the efforts of the UK government to encourage technical innovation in businesses, only 19% percent classify their business as innovation active and file for an R&D tax incentive.
If your business belongs to the technology and science industry, you should try applying for a R&D tax credit privilege. To start, you need to ensure that your business meets the following criteria:
Developing products improved by technology
If you manufacture products and you constantly innovate your production process by conducting research and product testings, you may qualify for an R&D tax relief. It doesn’t matter if you succeed or fail in your product improvement. You can still claim a tax credit by submitting the necessary paperwork.You