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R&D – Are you missing out on tax relief?

startup-weekly

Michael O’Brien, head of technology at Kreston Reeves, details what Research and Development relief is and whether your company could qualify.

Research and Development (“R&D”) relief has been around in one form or another for well over a decade, yet the government estimates that there are still thousands of companies that are failing to claim the relief that they are entitled to.  Our experienced tax advisors have prepared hundreds of successful R&D claims for projects ranging from the development of new types of paint to the creation of new software platforms.

What activities qualify?

A common misconception is that R&D relief is only available to pharmaceutical companies developing new, cutting-edge wonder-drugs or to manufacturing companies inventing new materials.  The reality is that a wide range of activities – such as developing bespoke IT software, combining existing software in an innovative manner not readily deducible by a competent professional in that field, or creating new or more efficient algorithms – may all qualify for R&D relief. ...

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