If you’re an innovative small business owner, you could be missing out on an innovation reward worth thousands of pounds from the government. £46,000 on average.
Put simply HMRC want companies who are spending time and money improving their business to claim cash back for these innovations. This innovation reward comes in the form of Research & Development Tax Credits.
Designed by the Government to be one of the biggest funding mechanisms for Research and Development in the UK, R&D Tax Credits can substantially reduce your tax bill or give your business a cash injection (even if you are currently making a loss.) To qualify you have to be a UK limited company and be carrying out innovation activity.
SMEs can expect a return of up to 25% of innovation costs; that’s £25,000 for every £100,000 spent on development. For example if you have spent £100,000 on staff salaries and management time on an innovation project, you should be able to claim back around £25,000 in tax relief or as a cash payment.
Phone our R&D Tax Credits team on 01233 653002 or contact us today to see how we can help you and find out if you are eligible to claim on this government supported innovation reward.