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If you are large company or an SME who is one of its subcontractors that has spent money on qualifying innovative activities in the past two years you can apply to receive a flat credit of 20% of the amount you spent on the innovation.
Under these rules at the most simple level for every £1 on R&D activities spent you will receive up to 16.2p in tax relief.
In the example the business has spent £650,750 in qualifying Research and Development Tax expenditure.
This expenditure is multiplied by 20% to give the Gross Credit amount of £130,150.
This figure is then subjected to corporation tax at 25% to reduce it to the final credit of £97,613.
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To find out if your project or innovation qualifies under the R&D SME scheme and how it can help your business, get in touch for a Free, No Obligation Evaluation. Start claiming R&D Tax Credits today.
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