Tax credit know-how for innovation show-how
There are numerous ways to get cash back from the Government for the hard yards businesses do generating industry know-how through innovation. If you’ re not familiar with them, you’ re far from alone.
In this, the first in a series of interviews, Catax tax relief expert Brendan Keane demystifies R & D tax relief.
What are R & D Tax Credits?
I wish I knew! Just kidding. Put simply, R & D Tax Credits reward companies that innovate. The economy thrives on exports and exports thrive on R & D. So the Government created the scheme to incentivise businesses to develop new technologies faster than the rest of the world.
Who is eligible?
Any UK-registered company spending money on developing new products, processes or services.
What kind of projects count as R & D?
It varies between sectors but the crucial thing to bear in mind is that true R & D doesn’ t just improve the level of knowledge within a company, it pushes know-how further for a whole industry. There has to be an element of technological uncertainty for the work to qualify but it doesn’ t have to be completely new. You can take an existing product, improve it and it still counts.
What is the biggest claim you’ ve managed to achieve for a client?
We recently secured a claim for a telecommunications client worth £ 420,000. That was a record for me and it just goes to show how much can be at stake. There will be companies