More and more businesses are being encouraged to claim Research & Development (R&D) tax relief. Could you benefit?
The R&D tax relief encourages companies to invest in new product development and helps them by reducing the amount of corporation tax they have to pay to HMRC on their profits. Around 15,000 UK companies claimed the relief in 2013/14, up over 20% from the previous year, and is expected to show an increase again this year.
If you are a small or medium sized company, you may be able to benefit by way of a tax credit in the form of a cash lump sum paid by HMRC.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.
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