The R&D tax credits are generously rewarding UK businesses for spending on innovation. According to HMRC’s latest report (2017-18), an average SME making a claim receives around £54,000 in tax credit or CASH BACK!
Small and medium-sized enterprises do particularly well of this scheme. It offers tax relief of 230% on R&D spending to limited companies that qualifies the criteria. It doesn’t matter if your company has made profit or loss, in both situations you can qualify for R&D tax credit or cash back.
Year on year there has been an increase in the claims and rate of success. Data published by HMRC for tax year 2018-19 showed 22% increase in claims applied for and 26% increase in successful tax credits.
There is a great chance that Your business is eligible if you are spending money developing new products, processes; or enhancing existing ones. The scope of R&D is vast and applicable to almost any sector. Not to forget, if you are making a claim for the first time, you can most likely claim for previous 2 accounting years as well!!
Why not check if you qualify by visiting us @ www.ascendca.co.uk
We provide end to end service and have the expertise that will make your claim successful!