Research and Development (R&D) tax relief (R&D) is a tax break provided by the Government to incentivise UK companies to innovate and develop new products and processes, which can return up to a third of the cost!
Qualifying SMEs can save 46% of their R&D spend off their tax bill or, if they are loss making, can get up to 33% of their R&D spend as cashback. Large qualifying companies can claim cashback of 8.8% after tax.
Although the scheme has been around for years, the uptake is still relatively low, particularly among SMEs. So, if you are trying to innovate or build a better product, there is a good chance that at least some of the work – including your work with VYPR – will meet the criteria of the scheme and save you money.
The scheme is open to all sectors, you don’t have to have paid tax to qualify and you don’t have to be investing huge sums of money in research. Failed projects count and you don’t have to have sold the outcome of your development.
To find out if you qualify, take a look at the Government website for more information.
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75% of new products fail in their first year.
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