How much R&D credit can my company claim?
Small to medium businesses are able to claim 24.7% in savings on R&D costs that qualify. The amount will depend on the profit/loss position of the claiming company but the average SME claim is approximately £54,000.
What is defined as a SME for R&D tax credit qualification?
Under the HMRC guidance, a SME is a company with less than 500 employees and a turnover of under €100 (or gross assets of under €86 million).
Can R&D credits be claimed for failed projects?
Yes, you can claim for failed research and development projects.
Can individuals and sole traders claim for R&D tax relief?
No, individuals and sole traders do not pay corporation tax, so they are not able to apply for R&D tax relief.