You could be eligible to claim R&D tax credits, under HMRC’s scheme.
The value of what you can claim will depend on what you spend on eligible R&D, which is why you should track and record this accurately and efficiently.
There are various costs you can claim for, including:
- Consumables
- Prototypes
- Software licenses
However, there are also eligible costs that might be less obvious, such as salaries, contract workers, and pension funds.
Your claim needs to fall within two years of the end of your current accounting period and you’ll need to make sure all the relevant documentation is present and correct.
Having a dedicated accounting resource will make the whole process easier, from tracking and recording R&D costs to claiming relevant tax credits.