R&D Tax Credits

Is your company eligible for research and development tax relief? We want to work with you to identify any qualifying R&D expenditure and ensure you maximise your tax relief. 

If your company is investing in projects to innovate and develop new processes, products and services to achieve an advance in science or technology then you may be eligible to R&D tax relief. 

What are the requirements for R&D tax relief? 

• There has to be a project focused on the issue to be resolved 
• There has to be an intention to achieve an advance in science or technology 
• The project must relate to the company’s trade – an existing one or one it intends to start based on the results of the R&D 
• The company must explain how its project sought to overcome the uncertainty around the advance it wants to achieve 
• The issue must be one that cannot be easily overcome by a professional working in that field 
• The process, product or service can still be an advance if it has been developed by another company but isn’t publicly known or available. For instance, there are many companies currently working on both electric cars and driverless cars. They will each be claiming R&D tax relief 
• The project can research or develop a new process, product or service, or improve an existing one 

Qualifying expenditure 

The costs that can qualify for R&D tax incentives include: 

• Staff costs for employees involved in the projects 
• Software used in the R&D 
• Consumable items 
• Contracted out R&D costs* (65%) 
• Externally provided workers (subject to restriction) 

Get in touch  

Let TaxAssist Accountants Banchory look at your eligibility to using the R&D tax credit scheme. Call us today on 01330 700580 use our simple online enquiry form.