Whether you are a startup or a large established enterprise, you can get benefit from HMRC’s R&D tax relief which is remunerative funding for businesses. It helps you make higher profits, generate consistent revenue and reinvest to increase overall production quality. It also results in greater dedication to improving company goals and focuses targets, as […]
With years of experience in the industry, we have observed a pattern where many industries have significant investments in creative projects but a relatively low number of claims. Among such creative sectors is the cosmetics and personal care industry, which is widespread and plays a tremendous role in product development with a very low percentage […]
The UK Aerospace industry is the world’s second-largest, with a turnover of £22.4bn in 2021. The aerospace industry is full of complexities, challenges and competition and has great potential for research and development. The UK government recognises Aerospace and aviation as vital industries in the UK, given their technological advancements and development more than other […]
R&D Tax Relief and Agriculture Sector Agriculture is one of the most important industries, which, unfortunately, is going through many global problems: increased demand, severe temperature changes, changes in climate patterns, drought, and drier land. In addition, the COVID-19 pandemic increased supply chain issues, whereas Brexit added additional pressure to the food and agricultural industry, […]
Clear and accurate record-keeping is immensely important to ensure you don’t miss out on any qualifying expenditure while making an R&D tax claim. Every business operates differently and has a distinct method of record-keeping. That’s why HMRC does not specify a way of record-keeping for R&D tax claim. However, having a complete and clear record can […]
Innovation in Digital Industry The world has been undergoing a digital transformation for years, but the pandemic has accelerated this transformation more than ever before. Hence in the past two years of the pandemic, we all have witnessed an immense increase in innovation in the digital industry and its impact. The improvement in user experience […]
What Does Corporation Tax Means? Corporation tax is the tax any limited company is liable to pay on the company’s annual profit. Profits on which you pay your corporation tax include the money your company makes from trading, investments and any gains made by selling out assets like property, shares etc. Every company liable to […]
What is the R&D Tax Relief Scheme? The UK government introduced an effective and highly profitable R&D tax relief scheme to support and encourage investment in innovation with a reward of a significant reduction in the company’s corporation tax. This scheme transforms businesses, enables them to grow with R&D incentives and ultimately boosts innovation in […]
How Does R&D Relief Scheme Work? The HMRC R&D Relief scheme was launched in the year 2000 by the UK government as an incentive to encourage innovation. It is a very generous scheme that significantly rewards companies investing in research and development projects to ring scientific or technological advancement. This scheme is equally beneficial for […]
On 20th July 2022, HMRC published draft legislation for Finance Bill 2022-2023, announcing some significant changes to the R&D tax relief scheme. Who will be affected by these changes? These amendments announced in the draft legislation will affect companies claiming under both SME and RDEC R&D Tax Relief Schemes, which will come into effect from […]
