Research and Development tax relief, also known as R&D tax relief, is a Corporation Tax (CT) relief, which is available to companies of all sizes. At Swanson Reed, we are here to make the process of applying for R&D tax relief simple and easy to understand. We ensure that the efforts in innovation put forth by the leaders in research and development are rewarded, regardless of company size. If your small business is making a difference, we will help you cut your corporation tax bills, adding overall value to your business. We have successfully reclaimed tax for companies across many industry sectors. No matter the size of your business, do not let these common myths concerning R and D tax credits stand in your way!
Qualifying for R&D Tax Relief
It is a common misconception that research and development tax relief is difficult to qualify for. In reality, the R&D tax relief is given to a wide range of companies that invest in the research and development of new processes, products, and services. Even a small to medium-sized company (also known as SMEs, which are small to medium-sized enterprises) in the United Kingdom can receive R&D tax relief of more than £46,000. At that time, the R&D tax relief is either given in the form of repayment in cash, or can be reinvested back into the business, against any corporate taxes.
Any company – even small businesses – willing to take risks by investing in new processes, products or services can qualify! The R&D tax relief is a tax incentive designed to reward those who take such risks in their investments, as innovative leaders will aid in making the country competitive and attractive to new investors. If you are in the fields of software or IT products, medicine, science, manufacturing, engineering, gaming, architecture, and many others, you may be eligible!
Potential Benefits of R&D Tax Relief
Many business owners either underestimate the potential benefits of R&D tax relief, or are completely unaware of these benefits. Small businesses are actually able to use the R&D tax relief to pay their corporate taxes, thus reducing the amounts that they are responsible for. We are confident that we will be able to uncover the tax relief that your small business deserves; so much so that we have a “No win. No fee.” policy to which we abide.
How R&D Tax Relief Applies to Your Business
Are you under the impression that none of this will apply to your small business? Think again! It is our job to uncover any related research and development activities in which your business is involved, thus allowing your business to take advantage of this tax relief. At Swanson Reed, we are able to examine your small business from many different angles, ensuring that we uncover every possible R&D innovation with which you are involved. This means that Swanson Reed is continually under pressure to succeed, no matter the size of the client. We love what we do, and we take pride in seeing our clients achieve the reduced tax liabilities that they deserve.