This video is a short summary of the UK government’s incentive regarding R&D and how they are actively helping innovative companies across the UK.

What are research and development tax credits?

You may have heard of the UK government’s research and development tax relief incentive.

But what exactly is this? And how could it be of benefit to your business?

Many company directors are surprised to learn of this incentive, and that it has been around since the year 2000.

Sadly only a fraction of eligible companies are currently taking advantage of it.

If your business is actively working to achieve advances in science or technology, then the R&D incentive could be of real benefit to you, especially when you consider that the average claim is worth over £50,000.

So how do companies qualify for R&D tax relief?

If your business conducts any form of product development, prototyping, manufacturing and software design, then you may be eligible for a reduction in your corporation tax bill and in certain cases a cash payment from HMRC.

Some of the most popular sectors to claim R&D tax relief include; ICT and technology, things like software development or automation of manual processes, manufacturing, perhaps you have designed and created a new product, engineering, fabricating new solutions for various scenarios, and also food and drink development, which can include new recipes catering to certain dietary requirements.

An eligible company must have incurred costs attempting R&D. Some of these costs include labor, subcontractor costs, materials and wastage, software licenses, and travel.

For every £100 spent on R&D activity you could receive an additional £130 of tax relief to reduce your corporation tax bill or even a payable credit.

Counting King are specialists in the incentive and have already claimed back thousands from HMRC for businesses throughout the UK.

For more information and to check your eligibility for the incentive, please call our team on 0161 677 5069 or email info at countingking.co.uk for more information.

Counting King is owned and managed by experienced tax professionals. Focussing purely on the R&D tax credit incentive we are uniquely placed to assist you and your accountant to identify and submit the maximum eligible amount.

Counting King Limited is owned and operated by experienced tax professionals that focus purely on the R&D Tax Credit Incentive. Due to the Director’s combined experience, we are uniquely placed to assist your company to identify and submit a maximised R&D Tax Claim.