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How your Company can benefit from Tax
Credits
Businesses who undertake Research and Development are amongst
those eligible for tax credits from the HM Revenue and
Customs.
These credits are a company tax relief and can reduce a
company’s tax bill or it can provide a cash sum to certain
small or medium sized companies.
Local innovative science and technology companies have received
over £150 million during the last year. This support is crucial
to a range of industries including computer games, sports cars,
manufacturing, cheese making, and food testing and machine
safety.
Tax credits allow companies to deduct up to 150% of qualifying
Research and Development expenses when they calculate their
profit for tax purposes. In certain circumstances, small or
medium sized companies can surrender this tax relief and claim
payable tax credits from the HMRC.
Jeremy Sherwood, Head of R&D Tax Credits at the HMRC, said:
"This is an incredible result in one year. HMRC's R&D Units
are keen to help business and innovation to grow throughout the
UK. They help support small and medium sized businesses across
all business sectors to make successful tax credit claims.”
"We always look forward to hearing from any company in science
and technology with innovative ideas who have not yet thought
of funding through R&D Tax Credits." The HMRC is pleased
that companies are approaching them for advice on whether they
qualify for funding. Their teams visit companies on a regular
basis to assist them and to ensure these companies receive
Research and Development Tax Credits.
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