Tax Credits For Research and Development

To encourage companies to invest in research and development, the government has introduced special tax reliefs (R&D tax credits) for small or medium sized businesses.

R&D tax relief allows you to deduct an extra 50% of qualifying current spending on R&D when you calculate your taxable profits. If you have a loss for an accounting period for which you are entitled to R&D tax relief, you may surrender the loss arising from the R&D to the Exchequer in return for a payment.

Only companies can claim and relief is not due unless your company spends more than £25,000 on qualifying R&D expenditure in a 12 month accounting period. Non qualifying expenditure such as the purchase of capital assets is ignored when calculating whether the £25,000 limit has been reached. If your accounting period is longer or shorter than 12 months then the qualifying amount will be pro-rata.

For a detailed description of the scheme, please see the inland revenue website: http://www.inlandrevenue.gov.uk/bulletins/tbse_2002.htm.

For guidelines regarding what constitutes R&D for tax purposes, see the DTI website at: http://www.dti.gov.uk/support/rd_guidelines.htm

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