Your essential guide to R&D tax credits

There are plenty of advantages for UK businesses that decide to innovate their products and services – one of which is being able to claim tax relief on Research and Development (R&D) activity.

The Government’s recent decision to significantly increase R&D expenditure credit means there has never been a better time for businesses to apply for tax relief and fund their innovation. However, understanding the intricacies of R&D tax credits can be complicated, especially for business owners and directors with little experience in scrutinising eligibility criteria or providing technical justification for a project.

With that in mind, we’ve created this essential guide which will walk you through the process and help determine whether or not your business may be able to benefit from the scheme.

Inside we cover:

• What are R&D Tax Credits?
• What type of costs and expenditure can you claim R&D tax relief on?
• Which projects qualify for R&D tax relief?
• How can a business make a claim for R&D tax credits?
• Will HMRC investigate your R&D tax credit claim?
• Need support with your R&D tax claim?

Please note, this guide explains how to claim under the SME and RDEC schemes for accounting periods starting before 1 April 2024. A new merged scheme is in place for accounting periods starting on or after 1 April 2024 that has different rules and regulations.