Transform your business with R&D Tax Credits

With UK tax initiatives for Research and Development (R&D) available, companies have the opportunity to soar. Start taking advantage of the tax incentive by exploring innovative ways to improve your products and services. And you don’t need a lab coat to benefit from this tax relief…

What is R&D Tax Relief?

R&D Tax Relief is designed to encourage businesses to invest in innovative products and services to boost the economy. Companies that qualify could be granted a 230% tax relief and even a tax refund.

If you’re a small business, you might think ‘Is it worth it?’ or ‘I’ve never had to pay corporation tax and yet to make a profit’, but the answer is yes! This relief can be taken as a cash payment and/or Corporation Tax reduction.

Get the credit you deserve

Not all accountants are R&D Tax Specialists and even if they are familiar with the scheme, it’s difficult to identify an innovative project simply by reviewing a business’s accounts. That’s why you’re always best talking to an accountant that has R&D Tax experts in-house (like we do) or partners with an R&D Tax Consultant.

What qualifies for R&D Tax Relief?

The words ‘research’ and ‘development’ can scare a lot of business owners off, with many thinking they don’t qualify for the incentive. But R&D doesn’t have to be as complicated as some would think.

Here are some examples:

  • Creating a new product – Have you designed something completely original? Perhaps you discovered a way to improve a product and spent time and money on prototypes.
  • Developing a piece of software – Have you introduced a solution to streamline your processes or achieved a goal that other competitor software could not?
  • Creating automation between systems – Perhaps you found an innovative way to challenge the way your business operates, improving efficiency and productivity. However, this cannot be readily available on the market.

Still a bit confused?

What qualifies as R&D can be quite complex. That’s why at Sapphire we always recommend arranging a chat with one of our experts. Don’t rule out R&D Tax Relief, without knowing all the details. You could be missing out on a great opportunity to invest in your business.

Get in touch today to discuss more and start benefitting from our unmatched R&D Tax advice.