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Thousands of companies claim every year!

About the scheme; Introduced in 2000, the UK R&D Tax Credits scheme allows companies to reduce their corporate tax bill or receive a tax refund based on a proportion of their R&D expenditure.

The main objective of the scheme is to increase the quality and quantity of UK Research and Development, in order to both encourage domestic R&D activity and attract foreign direct investment.

Since its inception, the scheme has been expanded to include both SMEs and large companies and in 2019/20, the total number of R&D tax credit claims was 85,900, an increase of 16% on the previous year. The total R&D tax relief support claimed by innovative UK businesses in that tax year was £7.4 billion, which equated to an impressive £47.5 billion of R&D expenditure. At Leyton, we are proud to submit more R&D claims in the UK each year than any other provider.

WHO IS THE SCHEME DESIGNED FOR?

The scheme can be used by any organisation that is liable for corporation tax in the UK and meets the necessary R&D criteria; it can even be used on unsuccessful projects.

The work that qualifies for R&D tax relief must be part of a specific project which aims to make an advance in its field. The project may research or develop a new process, product or service or improve on an existing one.

To receive the benefit, you will need to explain how this project:

  • Has made an advance in science and technology
  • Has overcome uncertainty and tried to overcome this uncertainty
  • Couldn’t be easily worked out by a professional in the field

 

SME Research & Development (R&D) Tax RELIEF (RDTC)

You are able to claim RDTC if you are a SME with less than 500 staff, and a turnover of under 100m euros or balance sheet total under 86m euros.

 

RESEARCH AND DEVELOPMENT EXPENDITURE CREDIT (RDEC)

Larger businesses, with 500 employees or more, can claim RDEC for up to 13% of their qualifying R&D expenditure. RDEC can also be claimed by SMEs and large companies which have been subcontracted to do R&D work by a large company.

Get in touch:

andy@icfb.co.uk – 077944 02352