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R&D Tax Credits are a Government incentive designed to compensate UK companies for investing in R&D to improve the way they do business and overcome problems.
The Research and Development (R&D) Tax Credit/Refund claim time limit is two years from the end of your accounting period. Before this period ends you must submit a R&D Tax Credit/Refund claim for any qualifying expenditure that you’ve identified during that period.
Yes, an SME carrying out Research and Development (R&D) will usually be able to claim 65% of the costs paid to any subcontractor for qualifying activities.
There is no fixed record-keeping system for a Research and Development (R&D) Tax Credit/Refund claims. HMRC accept that first-time claimants are unlikely to have detailed contemporaneous records to support all their R&D work.
A competent professional is someone in your company who has a successful track record, notable experience and skills or qualifications in your relevant area of science or technology. For software projects, this may be a developer; or, in a manufacturing business, it might be an engineer.
No, you do not need to have spent a minimum amount on qualifying Research and Development (R&D) to submit a R&D Tax Credit/Refund claim to the HMRC.
HMRC aim to make payments within 28 days for SMEs claiming Research and Development (R&D)Tax Credits/Refunds. Corporation Tax repayments can be much quicker and sometimes come through within a week of your claim being filed.
