Am I Eligible for R&D Tax Credits?
1. Firstly to qualify for an R&D Tax Credit claim (under the SME scheme) you need to be:
- An active limited company based in the UK that is subject to corporation tax
- Have less than 500 staff
- Turnover less than €100m (or a balance sheet total under €86m)
Small businesses from any industry could be eligible for R&D Tax Credits. Don’t assume your business is not eligible. 55% of eligible businesses are still not claiming what they are entitled to.
2. Secondly have you done any of the following?
- Carried out one-off projects?
- Do bespoke work for clients?
- Engaged in trial and error?
- Tried different methods, material samples to find solutions, etc?
- Tried to automated something?
- Developed new materials?
- Created new software?
If the answer is yes to any of these, then you may be eligible for R&D tax credits.
Successful and unsuccessful projects could generate R&D tax credits for your business
3. And thirdly for a successful R&D tax credit claim, we will need to show evidence that your project/activity:
- Looked for an advance in science or technology
- Overcame uncertainty – i.e. you did not know if it would succeed or not
- Could not easily be achieved/worked out by a professional in the field
Contact Us for your FREE Discovery Call to find out if your business is eligible on 01684 252464
Typical Industries that are claiming R&D Tax Credits include:
- Sustainable businesses (solar power, wind power, eco-houses)
- Digital Technology (Fintech, Software development, Artificial Intelligence, Robotics, Blockchain)
- Engineering & Manufacturing (Casting, Coatings, Machining, Fabrication etc.)
- Food & Drink (Breweries, Distilleries, Vineyards etc.)
- Agriculture (Agritech, Horticulture)
- Architecture & Construction
- Automotive & Aerospace
- Chemical Engineering
- Life Science (Biotechnology, nutraceuticals)