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Tax Incentives for R&D, Eligibility and Making a Claim

Want to see if your business can benefit from tax incentives for R&D? Research and development projects are great for large and small businesses, and companies undertaking these projects can find themselves eligible for government tax credits.

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Tax Incentives for R&D, Eligibility and Making a Claim

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  1. R&D Tax Credits Explained: Tax Incentives for R&D, Eligibility and Making a Claim

  2. Want to see if your business can benefit from tax incentives for R&D? Research and development projects are great for large and small businesses, and companies undertaking these projects can find themselves eligible for government tax credits. Read on to find out more about research and development tax credits and how they can work for you. What are R&D tax credits? R&D tax credits (Research and Development tax credits) are designed to support companies

  3. investing in innovative projects in science and technology. How does the R&D tax credit work? Businesses that have spent money on innovative projects can make an R&D tax credit claim. Once approved, your business will receive a cash payment and/or Corporation Tax reduction. What types of R&D tax credits are available? There are two types of tax incentives for R&D. These are dependant on the size of your company outlined below: Small and medium sized enterprises (SME) R&D Relief You can claim SME research & development tax credits if your business has less than 500 staff and has a turnover of under €100 million. Companies with assets totalling under €86 million are also eligible for this type of R&D relief.

  4. Research and Development Expenditure Credit Made for larger businesses, your business is eligible for Research and Development Expenditure Credit if your turnover exceeds €100 million and you have more than 500 employees. Some SMEs can also claim this type of tax relief for work undertaken on a subcontractor basis with larger companies.

  5. Is my business eligible for R&D tax credits? In order to claim tax incentives for R&D, you’ll need to show that your project is making advances across your chosen field, not just for your business. In order to apply, you’ll need to meet the below criteria: -Carry out qualifying research and development projects -Have spent money on completing these projects -Be a limited company that is subject to Corporation Tax in the UK.

  6. When you apply, you must show that your project was created to overcome uncertainty, stating what the uncertainty was and describing how your project needed research, testing and analysis in order to be developed. Government rules also stipulate that the project does not need to be successful for you to apply. Eligible projects must fall into one of two categories: Product, Services or Process Creation Creating something new for your business? Whether you’re developing a new product or service for market or working on innovative new ways to streamline your business processes, you could be eligible for research and development tax credits. Changing or Modifying a Current Process or Service

  7. Thinking about upgrading your current work processes with new innovative techniques? Research projects made for simplifying or overhauling current processes or services within your business could also mean you are eligible for tax incentives for R&D. Discover how your business can benefit from research and development tax credits today with Areanade. Check out the Areanade calculator to see how much you could recieve, or check your eligibility in just a few quick, easy steps here.

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