Research & Development Tax Relief
R&D tax credits have the power to transform your business.
Research and development (R&D) tax credits are a government incentive designed to reward UK companies for investing in innovation.
They are a valuable source of cash for businesses to reward advancement and development.
Companies that spend money developing new products, processes or services – or enhancing existing ones – are eligible for R&D tax relief. If you’re spending money on your innovation, you can make an R&D tax credit claim to receive either a cash payment and/or Corporation Tax reduction.
We can help you identify the scope of R&D in your business, helping you to fully benefit the relief you are entitled to. If you’re making a claim for the first time, you can typically claim R&D tax relief for your last two completed accounting periods.
To benefit from R&D tax incentives, you must:
- Be a limited company in the UK that is subject to Corporation Tax.
- Have carried out qualifying research and development activities.
- Have spent money on these projects.
R&D can take place in any sector and Prydis are proud to have partnered with businesses across the spectrum, gaining an excess of £1 million of tax recovered for our clients.