ARTICLE · 26 AUGUST 2016

R&D Tax Credits: An Incentive To Innovate

Smith & Williamson

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Does your company do creative or innovative work in the fields of science or technology?

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Gina Hetherington

Does your company do creative or innovative work in the fields of science or technology? You may be eligible to claim additional tax relief, meaning lower tax payments or a cash receipt from HMRC - even where no tax has been paid.

Some companies may not realise they are carrying out research and development (R&D), as their accountants or finance directors may only be looking at 'wages and salaries' in the accounts, or perceive that the complex rules get in the way.

R&D is not restricted to the oft-cited life sciences, but covers companies in virtually every industry that are undertaking some form of innovation; this includes innovation in products and services, as well as in their support functions.

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