Research and development (R&D) tax credits are a government incentive aimed at rewarding and facilitating innovation for UK companies. They provide an extra valuable cash source to eligible companies that ultimately helps growth not only in the company, but the UK economy.
Companies investing in either new or improving products, processes or services are eligible for R&D tax relief. Due to this, R&D qualifying activities can exist in any industry. The important factor in establishing eligibility is through verifying true innovation. Therefore, it’s important to partner with an accountancy provider who understands HMRC’s strict requirements.
At Azure, we have invested heavily in developing an R&D tax product focused on SME’s. We have a rigorous process that is conducted through a series of interviews to establish if your activities qualify for R&D. We can then help maximise the claim by a thorough interrogation of your business numbers.
We have partnered with a variety of industry leaders who hold PhD qualifications, allowing us to perform an objective analysis on the innovation aspect of your R&D projects. This in particular helps show HMRC you have been prudent around the notorious ‘Competent Professional’ requirement.
We then take care of all the tax work and write the technical narrative sent to HMRC. This allows you to recover up to 33p for every £1 spent on eligible expenditure.