Claim your Research and Development tax credits

R&D for tax purposes is available when a project seeks to pursue advancements in science or technology. In order to qualify, the activities directly contributing to achieving these advancements must be carried out within a context of scientific or technological uncertainty.

If you are developing new products, processes or services that extend overall knowledge in a field of science or technology, or making appreciable improvements to an existing product, process or service, then you may be eligible for R&D tax relief. Getting support from an organisation such as Sleek could be invaluable in this process.

If you would like to read more about HMRC’s definition of R&D for tax purposes, click here.

Companies can receive back between 18.85% and 33.35% of qualifying expenditure if they are eligible for R&D tax relief. This is received either through cash reimbursement or via a tax reduction. The total amount will depend on whether the company is making a loss, a profit, or breaking even. In addition to this, R&D claims can be made retrospectively for any R&D activity carried out in the last two years. To gain insights into whether your business could qualify for R&D tax relief, feel free to get in touch with us for a free consultation.

Calculating R&D tax relief varies for each company and depends on a variety of factors. Costs that could qualify include staff costs, contracting costs, software licences, and materials/consumables. Ensuring these calculations are correct is paramount to a successful R&D claim, and this is something Sleek can help with. Feel free to get in touch to clarify matters further.