Learn about the government initiative that rewards businesses for innovation and the development of new technologies.
Research and Development Tax Credits (R&D Tax Credits) are a government initiative to encourage innovation as well as the development of new technologies. Through the scheme, businesses can apply for relief on their corporation tax by declaring any costs and expenses that are specifically related to research and development projects.
The advantage of the scheme is that it provides opportunities for businesses (including new businesses) to create innovative, even revolutionary products and/or services without having to incur the entire cost. For new businesses especially, R&D Tax Credits can form a significant portion of startup funding, alongside other forms of financial aid such as angel investor loans, alternative financing, and more.
To find out more on how to take advantage of this scheme, download our business guide now.