Are you claiming your R&D tax reliefs?
Well, if you are, you are certainly in the minority. It is estimated that, of the 150,000 to 200,000 companies which are eligible for these reliefs, only 20,000 actually do claim. That’s just 10% – 13%!
It is perhaps a common misconception that to be engaged in Research and Development, a company must be running operational laboratories full of people in white coats. This is not the case.
Indeed, HMRC seem to be positively encouraging us to make claims for R&D activities and have introduced a scheme for companies to apply for advanced approval.
This means that, if HMRC agree that you are engaged in R&D activities, it will undertake to pre-approve your current and future claims without challenge for the next three years.