R&D Tax Credits explained
R&D tax credits are a government backed incentive to reward innovation.
The cash provided by HMRC allows the acceleration of development, which often involves the hiring of new staff and company growth.
Companies can claim up to 33p for every £1 of qualifying costs spent on qualifying projects.
It’s not just the Companies with people in lab coats who are eligible for R&D tax credits.
Companies can be eligible to claim if they are:
- Developing new products; or
- Developing new processes; or
- Enhancing existing products or processes