Are you claiming R&D tax relief?
This EU funded strategy is aimed at increasing the participation of SMEs including medium and large companies in R & D so as to boost innovation. Such companies are usually eligible for R&D tax relief.
Successful claimants of this tax relief receive reductions in future tax liabilities as well as cash-backed refunds. Unfortunately, out of the 150,000 to 200,000 companies eligible for the R&D tax relief. There is only about 10% – 13% actually make any claims.
HMRC plays a part in helping companies claim this R&D tax relief by introducing a scheme that encourages companies to apply for advanced approval.
This implies that if HMRC confirms you are involved in R&D activities. Then your organisation will be placed in a preapproval process that ensures your claims are unchallenged for the next three years.