Knowledge Library

We have detailed below the key changes to the R&D tax relief scheme, and how these changes could impact you and your business.

If you are a company focusing on innovation, then you could be eligible for R&D tax credits.

Quicker access to granted patents coupled with patent-friendly tax relief programmes, means it’s never been a better time to develop environmentally friendly products or processes in the UK.

Going forward, securing funding to maintain or kickstart innovation will be critical to businesses across the UK, and this is where government- backed R&D tax incentives could create a crucial financial boost, through a tax repayment on funds spent on innovation projects.

At a time when businesses across the globe are grappling with unprecedented challenges, we must all become more agile and innovative to minimise the potential impact of the unpredictable or indeed turn difficult circumstances to our advantage.

At a time when businesses across the UK are grappling with unprecedented challenges, the advice from business visionaries and leaders alike is that: “digital transformation is the key to mitigating the disruption and building future resilience.”

Investment to promote greater competitiveness is more critical than ever as we embrace economic recovery. While funds will be tight, a focus on greater innovation will be essential for many businesses’ survival.

In this challenging and uncertain economic climate, investing in innovation is an invaluable way for businesses to build resilience.

The last few months have been devastating to a huge number of businesses, but we have also seen REAL innovation - both out of necessity and responding to opportunity.

Patent Box is part of the Government’s range of incentives to encourage companies like yours to innovate and maintain the UK’s world-leading position in many sectors by incentivising them to commercialise their patents and R&D in the UK.

The HMRC guidelines for what constitutes R&D are extensive... but not always clear!

Year on year, as more businesses become aware of their eligibility, the number of R&D tax credit claims is steadily increasing.