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R&D TAX CREDITS
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How To Claim Your
R&D Tax Credits
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Some numbers to clear things up
The Budget on 11 March 2020, the Chancellor set out ambitious plans to increase public research and development (R&D) investment to £22 billion per year by 2024 to 2025.
This landmark investment is the largest and fastest ever expansion of funding for basic research and innovation, taking direct support for R&D to 0.8% of GDP and placing the UK among the top quarter of OECD nations – ahead of the USA, Japan, France and China.
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At Budget 2020, the government announced the largest and fastest ever expansion of support for basic research and innovation, increasing public R&D investment to £22 billion per year by 2024 to 2025.
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Projects
The government has committed significant resources to growing the incentive until at least the year 2032.
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Nearly 5000 large companies claimed through the RDEC incentive in 2019 and it has now increased to 13% making it even more generous.
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Top 5 Qualifying Industries
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Manufacturing
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R&D Knowledge Bank
Freequently Ask Questions
You can claim R&D tax relief if an R&D project seeks to achieve an advance in overall knowledge or capability in a field of science or technology through the resolution of scientific or technological uncertainty.
Research and Development Tax Credits are a UK tax incentive designed to encourage companies to invest in R&D. Companies can reduce their tax bill or claim payable cash credits as a proportion of their R&D expenditure.
How far back can I claim R&D tax credits? The research and development (R&D) tax credit claim time limit is two years from the end of your accounting period. Before this period ends you must submit an (R&D) tax credit claim for any qualifying expenditure that you’ve identified during that period.
Profitable SME companies will benefit on average by receiving tax credits on enhanced costs of 130%. If your company is loss making, you receive a more generous enhancement of 230%. A general rule of thumb is you receive 33p for every £1 you spend on eligible projects.
R&D Tax Credit Eligible Industries
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Useful hints & tips on the UK’s R&D Tax Credit Incentive operated by HMRC.
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