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R&D Tax Credits

Via our partner Breakthrough Funding we are able to signpost you to expert help regarding R and D Tax Credits.

The tax credit scheme rewards companies doing self-funded R&D work and it doesn’t matter whether you’re in profit or in loss – it almost always ends up as a nice cash payment.

There are a few criteria you need to check. Your innovative project needs to be “an advance in overall knowledge or capability”. Something that your competitors would like to get their hands on. Something that solves a problem in your industry.

You need to have found a “resolution of a scientific or technological uncertainty”. In other words, you might have known that you could solve this particular problem at some point, but not how. If it failed along the way and you had to try different ways to overcome teething problems or design glitches, that’s classed as technological uncertainty.

But you need to make sure your developments are scientific and technical, not aesthetic. We often use a car analogy to explain what we mean; you need to be designing something new or different to go underneath the bonnet, rather than simply making the headlights look funkier. In software terms, you need to be focusing on the back end not the front end.

You also need to have incurred costs directly related to the innovation project. In general, we can claim around 25% of these back. Usually these are salary payments to staff, or to. subcontractors and companies you have paid to work on the project. Costs to buy materials for prototypes can be counted too. Try our cashback calculator to get a feel for what you might be able to claim. Just note that if a company has commissioned you to do the innovation project you probably can’t claim under this scheme, but contact us to check, as there are other ways we may be able to help you.

We’re so used to the taxman taking money that it’s hard to imagine there are pots of it waiting for companies to claim. But the truth of it is, there are. The government wants to boost the technology sector and the economy in general. This is one initiative to do just that, and there are very similar schemes all over Europe and in other countries such as Australia and Canada. If it all sounds too good to be true, have a look at the full details of the R&D tax credit scheme by downloading Breakthrough Funding’s “Definitive Guide to R&D Tax Credits” here. You can also go to the R&D tax credit .gov website¬†here.

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