The term ‘R&D’ sparks images of employees wearing white coats conducting experiments in laboratories, and whilst such projects would likely qualify for research and development tax credits, so will a multitude of other projects in a wide range of industries.
Some examples of industries that may involve eligible R&D activity include:
- Manufacturing and engineering
- Food and beverage
- Software development
- Agriculture
- Consulting
- Medical
For a project to qualify for R&D tax relief purposes, it must seek to achieve an advance in overall knowledge or capability in a field of science or technology that could not be easily overcome by a competent professional in the field.
This could be anything from the development of a new process, a piece of machinery, or a piece of bespoke software, and should be innovative or attempt to overcome uncertainty that exists as part of the development process.
Download our R&D guide below for more detailed information on research and development tax credits, including changes that came into force following the Spring Budget 2023.
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