Startup R&D Tax Credits
Turning your innovative idea or product into a successful business can involve running at a loss for some time. As a result, startup R&D tax credits can be a vital source of funds for new businesses.
R&D tax credits were set up in 2000 to encourage innovation within businesses. They can take the form of direct cash payments or reductions corporation tax.
Either way, this frees up funds to invest in further innovation, allowing your business to continue to develop new products and processes.
Startup R&D tax credits can fund many of the expenses connected to R&D, including:
- Staff costs
- Software costs
Can I claim startup R&D tax credits?
You can claim startup R&D tax credits if your new business is:
- A limited company, subject to corporation tax
- Involved in developing new products or processes - or improving existing ones
- Spending money on R&D
Even if your company is currently making a loss, you can claim startup R&D tax credits.
The experienced team of tax consultants at RandD Tax will be able to identify if you can make a claim, what scheme you can claim under and how much you can expect to benefit from.
We will guide you through the entire process, from the initial assessment through to your final payment. We will be on hand to answer any questions you may have throughout the claims process.
How to claim startup R&D tax credits
When you are creating a new business, you want to use your time to make the business a success. You don’t want to be burdened with the process of claiming startup R&D tax credits.
That is why RandD Tax will make the claim for you. We have all the knowledge and experience needed to process your claim quickly with HMRC, ensuring you get the incentive you are eligible to.
Contact RandD Tax today to find out more.
Get in touch today regarding start-up R&D tax credits