r&d

Over Half Of All Small Business Owners Don’t Know That R&D Tax Relief Can Help Them

Over Half Of All Small Business Owners Don’t Know That R&D Tax Relief Can Help Them

51% of small business owners haven’t heard of research and development (R&D) tax relief, according to a report by Catax. The survey of 500 enterprise owners revealed that, even among those that are aware of the incentive, a large percentage don’t believe their own business would qualify. 44% of respondents mistakenly believe that R&D is solely reserved for specialist tech, drug and science businesses, whereas in reality, R&D can potentially be claimed by any firm in any sector. 57% of those surveyed even say they’ve “developed a new product or service, and/or implemented a new business process over the past two years” — the basic requirement for an R&D tax claim. Another misconception, believed by 43%, is that any eligible R&D activity has to be successful and integrate... »

SME R&D Tax Scheme Extension Introduced

UK small businesses can claim more tax relief on their research and development (R&D) costs following the expansion of the Government’s SME R&D tax relief scheme on 1st August. The SME R&D tax relief scheme has been extended so that SMEs can claim 175% relief on their qualifying expenditure on R&D for amounts incurred after 1st August – compared with 150% for expenses incurred before this date. The scheme has also been extended to include firms with up to 500 employees, and either turnover not exceeding €100 million or an annual balance sheet not exceeding €86 million. It was previously only available to firms with fewer than 250 staff. Small firms in any sector can claim the relief as long as they are seeking to achieve an advance in science or techno... »