In the 2014 Budget the chancellor announced that the tax credit available for loss-making small and medium-sized businesses (SMEs) involved in research and development will increase.
From 1 April 2014 the rate of R&D payable tax credit for loss making small SMEs will be increased from 11 per cent to 14.5 per cent. This will increase the cash payable to SMEs that conduct qualifying R&D activity in an accounting period in which it has a surrenderable loss.
Effectively the Government will be subsidising a third of the cost of the R&D, compared to a quarter before this Budget.
Is your company or organisation involved in R&D? Do you meet the definition of an SME?
This is a complex area but we have years of experience in submitting and agreeing such claims. Talk to our specialists us to find out whether your projects qualify, which costs qualify and how much tax credit you can claim.