Daily Archives: May 5, 2018

Is your SME missing out on R&D tax credits?

R&D tax credits for SMEs

Back in April 2000, the UK government introduced a scheme to encourage businesses to invest in research and development. With the aim of ensuring Britain stays at the forefront of scientific and technological innovation, they started to reward R&D projects with tax credits.

The problem is that, 18 years on, many businesses are still unaware that they qualify for the relief. While it’s true that 2015-16 saw a 20 percent increase in claims, many companies are still missing out on the rewards they are due for finding solutions to problems within the fields of science and technology. Here, we lay out the facts to help you recognise if your work is eligible.

The SME scheme

A specific scheme – the SME scheme – is in place for small and medium-sized businesses looking to claim tax relief for R&D projects. For the purpose of this scheme, an SME is one which has fewer than 500 employees and which has an annual turnover of under €100m or a balance sheet total …