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Research and development tax credits

HM Revenue & Customs' R&D Tax Credit scheme is a government initiative to encourage investment in innovation. The SME scheme provides Corporation Tax relief of 225% on eligible expenditure.  Tax Credits are also available to larger companies, at a slightly lower rate of relief.  The scheme is open to businesses in all sectors, and the average SME claim is over £40,000. However, thousands of eligible businesses are not yet claiming the relief they are entitled to.

Are you eligible?

Here are some simple questions to assess whether your business might be eligible:

  • Have you made any significant developments to your products or services in the past 3 years, which involved overcoming a technological or scientific uncertainty?
  • Have you made improvements to your administration or back office systems in the past 3 years (e.g. creating new software)?
  • Are any of these developments or improvements unique to your business or give you competitive advantage?

If your answer to any of these questions is yes, you could be eligible for R&D Tax Credits.

Examples of eligible projects might include:

  • Development of a new CRM or other software system bespoke to your business.
  • Development of a new manufacturing process, to overcome a specific challenge you were previously facing.
  • Production of a new piece of equipment which helps you to improve your business processes.
  • Using technology in a way that nobody else has done before.
  • Development of a completely new product, which your company will sell to market.

Support Available

In order to support Trafford businesses to identify eligible expenditure and make a claim, Trafford Council has appointed award-winning accountants Beever and Struthers as our Tax Relief Partner.  For further information or to book an appointment, please e-mail business@trafford.gov.uk.

Further information about HMRC’s R&D Tax Credit scheme is available at: www.gov.uk/corporation-tax-research-and-development-rd-relief

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