Improve your cash flow with R&D tax relief
- 4th August 2020
As cashflow becomes ever more critical in the coming months due to the current economic pressures caused by the COVID-19 outbreak, R&D tax relief could be a great area to help businesses access cash quickly.
HM Revenue and Customs are working around the clock to process R&D claims, most being completed within 28 days. This means you could get a cash influx into your bank very quickly.
What is Research and Development tax relief?
SMEs who are either starting or have completed any qualifying R&D can get a refund from HMRC or an additional 25% deduction of R&D expenditure from the corporation tax bill. For loss making companies, you could get as much as 33% of R&D expenditure back.
Isn’t R&D just for high tech innovation?
Not at all. R&D tax relief can be claimed by a wide range of business sectors, not just tech.
If you have developed a new product or process to overcome design or development problems then you could be eligible. So you could be doing R&D and don’t even realise it.
Am I eligible for R&D Tax Relief?
To find out whether you may be eligible, we have a simple checklist for you to look at. If you can answer YES to any of the questions, then your project could be eligible.
See if you may be eligible now – go to the checklist
All data and figures referred to in our news section are correct at the date of publishing and should not be relied upon as still current.