The government are currently encouraging business to innovate and develop new products in an aim to add additional growth to the economy. One of their flagship policies in looking to achieve this is additional tax relief for research and development. This works by effectively more than doubling the available tax deduction on any qualifying research and development expenditure.The knock on effect of this is a reduction in a company’s profits without having to spend any more which in turn means less tax to pay.
Due to the generous nature of the tax relief there are strict criteria to be met for the company and what expenditure qualifies. Our team of experts can assist you in ensuring all the criteria are met and the correct expenditure included meaning that any claim made to HMRC is successful.