Additional support for R&D has been released by the government to help businesses better understand the tax relief.
What is Research and Development Relief (R&D)?
Research and Development Relief (R&D) is a Corporation tax relief that may reduce your company’s tax bill, but can only be claimed if your company is eligible.
The companies able to claim for R&D are those that work on innovative projects within science and technology and look to research or develop an advance in their overall field (not just their business).
This might be a new process, product or service, or improving an existing one.
It must relate to the company’s trade, whether this is a current one or one that will be started up based on the results of R&D.
Need help deciding between Limited or Umbrella? We are happy to help- give Sophie a call on 01442 795 100 or email sophie.lewis@dolanaccountancy.com
Government introduce R&D enhancements
These practical enhancements have been introduced to make it easier for UK firms to understand and claim R&D tax relief, while also helping to reduce errors and tackle fraud.
They include:
- The launch of a new Expert Advisory Panel of industry specialists – this brings together six independent experts with real-world experience, offering deep sectoral knowledge across manufacturing, technological development, life sciences and AI.
- An expanded reporting channel for agents.
- A free GOV.UK guidance tool to help businesses check their eligibility before submitting an R&D claim.
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