Eligibility

Many UK businesses are unaware of their full entitlements, including tax credits, refunds, exemptions, reliefs, and business grant funding. To qualify for R&D tax credits, ensure you meet the following criteria:

  • Be a UK limited company subject to corporation tax.
  • Conduct R&D in science or technology.
  • Spend money to achieve R&D goals.

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Merged Scheme

The merged R&D scheme unifies the existing UK R&D tax credit schemes (SME and RDEC) into a single, streamlined program.

  • Enhanced tax relief for SMEs.
  • RDEC for large businesses and subcontractors.
  • Called ‘R&D single scheme’ or ‘simplified scheme.’
  • Similar implementation to the RDEC scheme.

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Expenditure Credit (RDEC)

The RDEC scheme provides tax relief to companies subject to corporation tax, encouraging innovation through R&D investment.

  • Offers tax relief for R&D expenses.
  • Targets larger companies.
  • Encourages innovation and development.

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THE R&D CREDIT TAX RATES

Current R&D tax credit rates offer significant savings for businesses investing in research and development. Many companies are unaware of their eligibility for these benefits.

  • SMEs can claim up to 33p per £1 on R&D.
  • Large companies can claim up to 10p per £1 on R&D.
  • Credit control and updates.
  • Average cashback is around £50,000.

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CLAIM R&D TAX RELIEF

To claim R&D tax relief, your business must demonstrate that your project:

  • Aimed to achieve an advancement in science or technology.
  • Addressed and attempted to overcome uncertainty.
  • Could not be easily solved by a professional in the field.

  • Additionally, the project must involve developing or improving a process, product, or service.

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Outsourcing

Outsourcing accounting service allows businesses to access professional financial management and R&D tax credit claims services remotely.

  • Ensure accurate and compliant R&D claims.

  • Provide access to expertise and technology.

  • Free up internal resources for core business tasks.

  • Reduce risk of errors and compliance issues.

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Clearcut Accounting has been providing accountancy services and advice to us for over 10 years.

We have been extremely impressed with the level of service and expertise provided by Clearcut Accounting. They have a deep understanding of my business and industry, and have provided valuable insights and advice that have helped me make informed decisions and grow my business. Their dedication to our success is evident in their attention to detail and prompt response to any questions or concerns. We highly recommend their services to other business owners..

Luke Tomlinson

CEO & Co-Founder Takk & Grindsmith Group

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