Research and Development (R&D) tax relief is a tax incentive available to companies willing to take risks in their business by investing in new processes, products, or services. It is a tax incentive designed to help make the country more competitive and attractive to new investors.
Technology isn’t confined to software or IT products. The R&D tax relief can be applied in the field of medicine, science, manufacturing, engineering, gaming, and even architectural firms provided the product being developed aims to improve life using technology. The R&D tax relief is also not just for existing businesses but also for start-ups; it is not for large corporations only but can be applied to small and medium enterprises.