Everything you need to know about R&D | Green Jellyfish
Research and Development tax credits are a government tax scheme which rewards UK businesses for being innovative.
Essentially, every time you develop new products/processes/services or enhance existing ones, you can claim back money in order to support these developmental processes within your business.
Food & Drink Sector –
– Development of a new flavour, product or variety– Using new machinery and implementing new processes– Changes to the current formulation/production of an existing product
– Changes in the packaging of the product
Life Science Sector –
– Creation of new pharmaceuticals– Changes within manufacturing existing devices/pharmaceuticals– Increasing scale of processes as demand gets higher– Giving existing products new purposes
– Developing new hardware/software to use for the above
Manufacturing & Engineering Sector –
– Developing new products
– Creating new processes/enhancing current ones
Consultancies Sector –
– Investigating new processes– Investigating new software– Investigating new equipment
– Creating new/enhancing existing processes
Technology Sector –
– Developing technology– Hiring the correct talent for the job– Coming up with new innovations
– Bettering existing technology
- Staff salaries and expenses
- Freelancer fees or Subcontractor work (which can include payments for the subjects of clinical tests.)
- Materials and consumables and utilities.
- Software that has been developed/created
Research and Development tax can be claimed via contacting HMRC – but it can get confusing when trawling through Google to find out the process. Well… struggle no more because this is where Green Jellyfish come in. We are here to make your life easier and do all the legwork for you.
To put it onto perspective for you… on average, businesses can claim 33p of every £1 spent on innovation. So why not find out how much you could claim – you really have nothing to lose!
It’s as simple as contacting us.