The Government created Research and development (R&D) tax credits to reward those companies in the UK that are investing in innovation.
As more businesses explore new opportunities for new revenue streams to replace business lost as a result of the Coronavirus crisis, interest in R&D tax credits is seeing a strong surge.
These credits offer a valuable source of income to help businesses invest in R&D, hire new talent and grow, by reducing their tax bill.
One consideration that is particularly important to bear in mind at the moment is that you cannot claim for any costs in respect of furloughed staff for the duration of their furlough. The exception to this concerns flexible furlough arrangements, where the costs in respect of the time a furloughed employee has been working can be claimed for.
Speak to our expert tax team now to find out if you qualify and how your business can make the most of R&D tax reliefs.