RedKnight Consultancy has teamed up with LimestoneGrey, a leading independent chartered R&D tax credit consultancy, to promote the benefits of R&D tax credits. They are a government incentive designed to make innovation easier for small companies. SMEs can claim back up to 33p for every £1 spent on R&D activities, with the average claim currently standing at £54,000!

The tax definition for R&D purposes is more far-reaching than many businesses realise. Generally, it refers to the work undertaken to develop new products, processes, services or software. Making improvements to existing ones may also qualify. For example, if your business has developed an automated process, or one that is quicker, more efficient, and creates less waste, it may be eligible.

R&D tax credit claims are directly linked to the level of qualifying expenditure a business has incurred. Qualifying categories of expense include staffing costs, expenditure on subcontracted activities, external workers, consumables, computer software, and utilities. However, knowing which costs qualify is the easy part. Preparing a claim requires thorough understanding of the extensive rules and regulations, as well as the ability to produce a robust project report that withstands scrutiny from HMRC.

To find out how to maximise your claim and retrieve some of the money you’ve invested in innovation, contact us today.