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Companies can currently claim additional tax relief for the expenditure of a revenue nature incurred on qualifying ‘research and development’ activities.
Legislation was introduced in 2012 which increased the rate of the additional tax relief from 100% to 125% for qualifying expenditure incurred by small or medium-sized enterprises (SMEs) on or after 1 April 2012.
This gives a total tax deduction of 225% on the expenditure incurred and an effective corporation tax relief equal to 45% (based on the current 20% small companies corporation tax rate).
If a company is currently loss-making, which it may be during the early years of trade, the loss applicable to research and development can be surrendered in return for the payment of an 'R&D tax credit’.
The government has also introduced further changes in respect of expenditure incurred on or after 1 April 2012 as follows:
We can assist you with the submission of successful claims by:
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05 Feb 2025
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The government has commissioned an independent review of the Loan Charge.