If you are planning to research or develop new products or services, you may be eligible to receive funding or tax credit support from the government.
Tax Credits for R & D are made available for either
- A tax deduction based on R & D spending
- A cash payment from HMRC (for certain loss-making SMEs only)
If your business is liable for Corporation Tax, you may be able to claim R & D Relief from HMRC in order to reduce your tax bill.
There are certain conditions an R & D project must meet to qualify for R & D Tax Relief. To find out what projects may qualify, which costs you can claim for, how you can claim, and whether you can get tax relief, contact McPhersons tax advisory team.
More information can be viewed on the HMRC website.