Don't miss out on R&D Tax Incentives for 2017

Don’t miss out on R&D Tax Incentives for 2017

Year-end 31st December?

Don’t forget, with all the election commotion, if your business’ year-end is 31st December; you’ve got only eight weeks to claim for qualifying R&D activity undertaken in 2017.  Use it or lose it!

R&D tax credit claims can be backdated for up to two years after the end of the financial year during which the R&D activity itself took place – meaning a claim can theoretically be made anywhere up to three years after the activity.

What are R&D Tax Incentives?

R&D Tax Incentives were designed to encourage UK companies to invest in innovation.  Take a look at the Government’s website for more information.

The definition of R&D for tax purposes is broader than you might think

Did you know that many emerging technology R&D activities qualify for generous tax relief?

The definition of R&D for tax purposes is much broader than you might think. It’s highly likely that some of the challenges that you face on a day-to-day basis could qualify as eligible expenditure for this tax relief.  For example:

  • R&D Tax incentivesComplex business processes & programme logic
  • Performance optimisation
  • Responsive web apps
  • Data quality
  • Reverse engineering
  • High-Performance Computing
  • Scalability
  • Security
  • Statistical modelling & programming
  • Legacy migration
  • System integration
  • Communication protocols

How do R&D incentives work?

For small and medium enterprises (SMEs), the R&D incentive comes in the form of a Corporation Tax tax relief that can reduce a company’s tax bill if liable for Corporation Tax, or can result in a payable tax credit.

Our team of specialists are more than just tax and accounting professionals; many have worked in the technology sector themselves. They can understand your business processes and manage a claim with HMRC for you.

If you would like us to see whether you have any qualifying activities, please get in touch.