14 SOMETHING FOR NOTHING? R&D TAX CREDITS
We are told that if anything looks too good to be true, it usually is. It is also a rare occurrence to get something for nothing from the government. However, as Roger Manners explains, that is exactly what is on offer through the UK R&D tax credits scheme.
Operated by specialist designated offices of HMRC, R&D tax credits are available to SMEs that meet three simple criteria:
(1) The business has been a limited company in the UK for at least 12 months.
(2) The company manages PAYE and makes National Insurance Contributions.
(3) Investment has been made in developing innovative or appreciably improved technology, software, IT solutions or products, materials, services or manufacturing processes or ...