Making your first R&D tax claim can seem like a big undertaking, but the reality is with R&D Tax Claims your input is limited, but the benefits can be significant – with the average tax saving for SMEs over £61k per year.
Whilst the financial benefit speaks for itself, there are many other benefits too…
Developing your business
The UK’s R&D Tax Credit Scheme is backed by government and designed to provide companies with the opportunity to develop their products and processes. If your company pays Corporation Tax and is carrying out R&D work that qualifies for tax relief, you will be able to put the money back into your business and the progression of your project, and that can only be good news for the future of your company.
Giving you the edge
R&D relief will enable you to not only develop your businesses, but allow you to compete with other companies who operate in the same industry. Increased funding can have a huge knock on effect on your business’s ability to perform at a high level and really make it stand out from the crowd, especially if your competitors haven’t made a R&D tax claim.
Growing your sector
Your successful tax claim has the potential to not only influence your businesses, but businesses throughout the UK. The more investment in your industry from whatever source, the better the outcomes for all involved – this can mean faster advancement and refinement of industry processes, resulting in economic growth and more employment opportunities.
Competing on the World Stage
A consequence of successful R&D growth within the UK is that these businesses can hold their own within the global market. As the UK provide one of the most generous R&D tax relief schemes, approximately £6 billion is available to be claimed by businesses every year. In short, the more companies that claim, the better the outcome is for the UK economy and R&D as a whole.