R&D Tax Relief

/R&D Tax Relief

Corporate tax relief for R&D if you’re an SME

By |July 5th, 2022|

What is R&D and SME: These are just abbreviations for words you are probably familiar with: R&D stands for Research and Development SME stands for Small to Medium sized Enterprise SME Business’s: R&D tax relief allows SME companies to: Deduct an extra 130% of qualifying costs from yearly profit as well as the normal 100% [...]

Spring statement offers businesses more generous R&D tax credits

By |May 20th, 2022|Tags: , , , , , , |

Read time: 3 minutes Rishi Sunak’s 2022 spring statement promised to reform the UK's R&D tax credits to be more generous to businesses. Which sounds like great news for small and medium sized enterprises (SMEs).  But how does the government  plan on doing this and how will it benefit your business ? Changes in R&D tax [...]

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 [...]