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Unlock innovation for SMEs
KEY POINTS
- Many businesses believe they are not eligible to claim research and development tax relief.
- Any size business can qualify even loss-making ones.
- Discuss development work with a company’s technical staff rather than the finance team.
- Four main types of costs qualify: those on staff contractors materials and software.
In this year’s spring Budget after consultation with the business community Chancellor of the Exchequer Philip Hammond stated that research and development (R&D) tax incentives are helping the UK to maintain its position as a globally competitive place to start and grow a business. This is good news for small and medium-sized enterprises (SMEs). But in announcing measures to reduce administrative burdens and improve awareness of R&D tax credits among SMEs the Treasury suggested there is...
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