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Research and Development

This government backed scheme gives considerable tax reliefs to help promote innovation.

There are three schemes available:

  • SME scheme – 225% relief on qualifying expenditure
  • Large company scheme – 130% relief on qualifying expenditure
  • Large company – Above the line (“ATL”) tax credit

A company must be undertaking a project to seek an advance in science or technology through the resolution of scientific or technological uncertainties by creating or making an appreciable improvement to process, material, device, product or service which incorporates or represents an increase in overall knowledge or capability in a field of science or technology; or using science or technology to duplicate the effect of an existing process, material, device, product or service in a new or appreciably improved way.

It is in fact easier than it sounds! Speak to one of the members of the Old Mill Tax team to see if this may be something relevant to your business and get the government to fund some of your innovation.

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