Research & Development

Research & Development

Is your business eligible for Research & Development (R&D) Tax Relief?

Research and Development (R&D) tax credits are a valuable government tax relief which rewards UK companies for investing in innovation. 

The research and development tax relief legislation, enables small and medium sized businesses to claim 230% deduction for eligible expenditure against company profits, or a tax repayment from HM Revenue and Customs.

The tax relief means that for every £100 of eligible R&D costs, £230 is deducted from company profits or added to trading losses for tax purposes.

It has been estimated that up to 57% of small businesses are eligible to claim research and development (R&D) tax relief, yet many do not make a claim as they are either unaware of this important tax relief, or do not know how to proceed.

For example, a restaurant creating a new recipe, a brewery experimenting with a new pint or a business trying to streamline its IT with cloud technology could all be eligible for research and development (R&D) tax relief.

We have been assisting clients to make successful claims for many years, in a wide range of sectors, including recycling, agriculture, manufacturing, health and property.

So, it’s important to remember that research and development (R&D) tax relief doesn’t only apply to scientists in white coats.

With offices in Nantwich and Wilmslow, we ensure that clients claim all appropriate and eligible tax reliefs available and pay only the correct amount of tax.

Afford Bond are one of Cheshire's leading tax accountants, with offices in Nantwich and Wilmslow.  Our key competences are wealth planning, accounts, audit, taxation, payroll and corporate finance and we see constant overlap in the delivery of these services, demonstrating the need for qualified and experienced advisors. If you would to like to discuss research and development (R&D) tax relief in more detail, please contact Paul Edwards, a Director and Chartered Tax Advisor, based in our Nantwich Office.