Many businesses invest in some form or another in the development of new products, processes or services to remain competitive or to simply create a niche in their market to increase revenue streams. These investments often involve a degree of risk due to the uncertainties which surround them. As such, UK tax legislation provides various incentives as a way of helping businesses to mitigate their risk. One such form of relief is Research and Development (R&D) Tax Relief. Broadly, this relief provides an uplift on costs which can either be used to reduce their corporation tax liability or be surrendered for a cash tax credit repayment from HM Revenue & Customs.
At Prager Metis, we have the experience and expertise required to work with our clients to successfully recognise R&D qualifying projects and assist with making claims on their behalf in order to maximise tax relief.