Research & development tax credits for small businesses
4,500 small businesses are claiming research and development tax credits each year according to an HMRC guide on R&D tax credits for small businesses.
Qualifying R&D expenditure helps reduce a company’s corporation tax bill but with such a small number of companies participating, either the scheme is unknown or there are not many innovative small companies in the UK.
Following is a brief overview of the R&D tax credit system. Ask your accountant for more details to see if your company can benefit. 