Research & Development (R&D)

Research and Development is a tax-incentivised scheme implemented by HMRC to reward businesses that innovate. R&D can be undertaken by any business in any industry, and Monetta work with clients to ensure they take advantage of the scheme, where appropriate, to keep tax to an absolute minimum. 

To be eligible for R&D tax relief, a research and development project must be considered ‘innovative’. Examples of innovation can include developing day-to-day processes, systems or products, or could be something as simple as making a change to the way that a business operates. Research & Development must be done with the intention of helping an entire field of work and not just an individual business. The R&D tax relief can also be claimed on research done into systems that have already been created by another business but that are not public knowledge.

For advice on how your business might be able to claim the tax relief, contact our expert business accountants by completing our quick enquiry form.

Why Should I Conduct R&D?

As well as receiving financial help from HMRC, there are other benefits that may help businesses if they take part in research and development projects. 

One reason companies undertake R&D is to help progress their field to make it more efficient for themselves, other businesses and for clients. An example of this is the development of cloud accounting software, which was created for accounting firms looking to improve upon the existing database and spreadsheet software. Their investment into the new software has since largely improved efficiency in accounting. 

How Can Tax Relief Help My Business?

Some businesses can claim an additional 130% tax relief on any business expense that qualifies as R&D activity. R&D tax relief means that tax liabilities are reduced because business profits are 'lowered' to account for R&D credits. However, in certain circumstances, businesses are able to surrender these R&D credits and convert them into real cash.

Monetta will work with you to help identify where qualifying expenditure might have taken place and then set the wheels in motion to make relevant claims.

How can Monetta Help?

Our expert R&D business accountants can offer help and advice on your situation by analysing your finances and outlining options for you to take which will maximise your profit and decrease your tax liability. 

We pride ourselves on the work we do for our clients, making it as easy and stress-free as possible at every step of the way. We can outline how useful the tax relief will be to your business and assess the steps you will need to take to complete the R&D process.

Contact Us

For information and advice on R&D tax relief, please speak to our team today.

Fill in our online enquiry form to request a call back at a time that is convenient for you. Or visit our team page to find out more about our expert advisers and what they can do for you and your business.

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