Research and Development (sometimes referred to as R&D) is a corporation tax relief that may reduce your organisation’s tax bill.
Research and Development Tax Relief covers companies undertaking some form of innovation and organisations in nearly every industry may be eligible to benefit from it. This includes companies in the fields of communications, software and the internet.
Since April 2012, the tax relief available on allowable Research and Development costs is 225%, meaning that for every £1,000 spent on qualifying costs, your business could have the income on which corporation tax is paid reduced by a total of £2,250.
Although this is a hugely beneficial tax relief, many companies are still not making claims.
Bambridge Accountants specialises in providing tax and accountancy services to companies and individuals working within the creative industries, many of who will have expenses eligible for Research and Development Tax Relief. We can advise you on which expenses would be eligible for the relief and can process the claim for you. Contact us today to find out more.