Roger Hopkins Logo

What is R&D?

What is R&D?

R&D stands for Research and Development. It was introduced by the UK Government in 2000, to aid invention, creation and new knowledge, facilitating the conception of new products and procedures which improve your existing services, or create brand new opportunities altogether.

what is R&D

What is R&D in business?

Research and Development is a critical first step for businesses conducting market research on their target audience in order to develop new and improved products and services.

The process allows companies to evaluate whether their goals are achievable and ultimately, of value, promising a lucrative return.

Is R&D Industry Specific?

All sectors and industries can carry out Research and Development in order to better their services. Many of our customers had wrongly assumed that R&D Tax Credits were only accessible to the science and technology industries. In reality, it doesn’t matter what your business specialises in, the funds are available for any projects undertaken which improve a product or services, no matter the sector.

what is R&D

Examples of research and development

If your business conducts at least one of the following, you should talk to us about making a R&D claim.

Why is R&D important for businesses? 

It’s vital that companies stay at the forefront of their sector by exploring product development opportunities to reflect shifts in consumer preferences. Adapting to new technologies and improving existing products and processes can boost efficiency, profitability and safety in the workplace. By being able to identify areas of improvement, or new initiatives, you are undertaking research and development that could propel your business to spearhead your market sector.

What is R&D for tax purposes?

According to HMRC, Research and Development for tax purposes occurs when a project ‘aims to address an advance in science or technology’, although it is not limited to these sectors.

If your company has achieved an advancement in overall knowledge or capability of a product or service, then you may well be able to benefit from the scheme.

What Does it Require To make A Claim?

The early identification of a professional is crucial to the success of any R&D Tax Credit Claim, giving your submission gravitas for the technical compliance under HMRC’s guidelines. Your competent professional should fulfil the following qualities:

Alongside your dedicated professional, you should ensure the project meets the following criteria, to further support your claim. The project should:

Am I eligible for R&D tax credits?

R&D Tax Credits are a valuable source of financial assistance for companies of all sizes and in all industries. If you are considering making a claim, it is important to understand what counts as R&D and how to qualify. Our team of experts can help you to determine if you are eligible for tax relief.

 

Let’s talk about your Claim

What is R&D Relief for tax purposes?

According to HMRC, Research and Development for tax purposes occurs when a project ‘aims to address an advance in science or technology’, although it is not limited to these sectors.

If your company has achieved an advancement in overall knowledge or capability of a product or service, then you may well be able to benefit from the scheme.

Get in Touch