And are you using it to drive your company forwards?
If you are even half thinking “this applies to us”, then I ask “Are you claiming Research and Development Tax Credits for your efforts?”
The UK Government rewards companies that engage in technical product and process development because those companies have historically created more jobs and strengthened the economy. It is one of the easy ways that the government supports innovative businesses – of all sizes right down to the smallest companies.
The reward is for investing in research and development activities is managed as tax credit through the Corporation Tax system. It can significantly reduce, or even eliminate, your company’s tax obligation. You don’t have to be in profit, but you must have completed your first year’s trading.
Although it is handled through the tax system it is nothing to do with tax (apart form entering some numbers on your CT600 form) and practically nothing to do with accountancy.
It is all to do with telling the specialist HMRC inspectors why the development work you are doing qualifies. And then working out the allowable costs you can claim.
Want to know how to pay a lot less tax?