SME companies can claim enhanced deductions for expenditure on R&D projects at 230% of qualifying expenditure.
Where the deduction is claimed and the company makes a loss, it can claim a cash credit from HMRC of 14.5% of that loss. The work that qualifies for R&D relief must be part of a specific project to make an advance in science or technology and must relate to your company’s trade – either an existing one, or one that you intend to startup based on the results of the R&D.
There are many other criteria which we will talk you through, but the main thing is that your business does not have to be a purely scientific or technology-based company to benefit: companies in sectors including Admin & Support Services, Wholesale & Retail, Food & Drink and Manufacturing have all made successful claims for R&D relief.
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