R&D Tax Relief

/R&D Tax Relief

HMRC 2020 R&D Statistics

By |October 2nd, 2020|Tags: |

This week, HMRC released its R&D statistics report, and while the numbers are positive, we still have a ways to go, especially given the massive shift that 2020 has gone through. The report shows continued percentage increases on the number of claims and refund amount. However, the Government's goal is £22 billion of R&D funding [...]

Harbourside Products Receive £165,000 in R&D Tax Relief

By |August 19th, 2020|

Harbourside Products in Maryport has recently received £165,000 in R&D tax relief. The company spent over £200,000 to invent a new way of slicing smoked salmon that reduces wastage. This has allowed the company to create new recipes for their pâtés, terrines of chicken, duck, game, ham hock and rabbit.  Owner Richard Hodgson stated, “We [...]

When it comes to R&D, ‘incurred costs’ and ‘paid costs’ are two different things in the eyes of HMRC.

By |November 22nd, 2019|Tags: , , , |

Any company engaging in R&D activities and claiming tax relief will have claimed in one, if not many, eligible cost categories. Naturally, each category has a set of requirements and it's important to know what these are. For a number of categories 'incurred costs' and 'paid costs' are not the same things. In simple terms, some [...]

U.K. boosts research and development drug funding

By |December 3rd, 2018|

Innovate U.K boosts research and development funding towards artificial intelligence for drug discovery. The funding is established by the British Government to strengthen U.K. technologies. The funding will be distributed to a software company, an artificial intelligence firm and a healthcare organisation. The $1.3 million research funding scheme is designed to tap into the power of artificial [...]

What is needed to achieve R&D innovation growth

By |November 30th, 2018|

Research and development (R&D) in Europe accounts for 20% of the world’s investment in R&D and a significant contributor is based on the world class science the UK delivers. Considering the UK holds only 1% of the world’s population and 3% of the global spend on research funding, the nation impressively accounts for 12% of all research [...]

U.K. R&D spending is still not enough!

By |March 16th, 2018|Tags: , , , , , , , , , , |

Despite U.K R&D spending reaching a record breaking 33.1 billion pounds, its efforts were still not enough and it currently only ranks 11th in the European Union, according to Office Of National Statistics. This signifies that Britain is lagging behind its major European peers when it comes to R&D spending. Britain invested 1.67 percent of [...]

R&D research can yield tax rewards for your company!

By |January 9th, 2018|Tags: , , , , , |

If your company is carrying out research into a new process and is incurring costs and expenses as a result of its research, it may be eligible for an R&D tax relief. It does not matter whether the time, effort and costs invested will result in a successful outcome, as long as the company is [...]

EVRYTHNG introduces the ages of smart products

By |November 14th, 2017|Tags: , , , , , , |

In the digitally connected world that we live in today everything around us comes to life in some way and this is exactly how the concept of EVRYTHNG came about. In 2012 a platform which connects any physical object to the internet was established by a bunch of young entrepreneurs. The company’s mission was to [...]

Innovative London company is enabling businesses to utilise their opportunities

By |November 13th, 2017|Tags: , , , , , , |

Looking for an innovative solution that will reduce your risk in doing business? Need a tool that will provide your company with a more in-depth understanding of private companies, the people that run them and the market in which they operate? DueDil, short for due diligence, is your one stop shop helping businesses to find opportunities and [...]

Open Bionics is revolutionising the prosthetic industry

By |November 10th, 2017|Tags: , , , , , , , |

In the UK approximately 1 in every 1,000 people have lost a limb through an accident, illness or military action. Samantha Payne and Joel Gibbard are the co-founders of Open Bionics and the pair identified a serious gap for affordable, comfortable and well-functioning prosthetics in the market. Currently if you lose your hand, there are [...]