Companies undertaking creative or innovative work in the fields
of science and technology may be eligible to claim significant
additional tax relief. This can result in lower tax payments or a
cash receipt from HMRC even where no tax has been paid.
Despite being on the statute books for over a decade, there are
still companies not claiming this hugely valuable tax relief, or
not taking its full benefit. This is often because they do not
realise they are carrying out research and development (R&D),
as their accountants or finance directors see only 'wages and
salaries' in the accounts, or they do not fully understand the
complex rules.
R&D is not restricted to the oft-cited life sciences, but
covers companies in virtually every industry which are undertaking
some form of innovation; this will include innovation in products
and services, as well as in their support functions.
