Research & Development | Owen Troy Rohan - The OTR Group

Research and Development (R&D) tax relief supports companies that work on innovative projects in science and technology. You may be able to claim Corporation Tax relief if your project meets the standard definition of R&D. The following gives you a brief explanation of the definition, and the different types of reliefs you may be able to claim. Projects that count as R&D The work that qualifies for R&D tax relief must be part of a specific project to make an advance in science or technology. You cannot claim if the advance is in: the arts humanities social sciences, including economics The project must relate to your company’s trade, either an existing one, or one that you intend to start up based on the results of the R&D. To claim you need to explain how a project: looked for an advance in the field had to overcome the scientific or technological uncertainty tried to overcome the scientific or technological uncertainty could not be easily worked out by a professional in the field Your project may research or develop a new process, product or service or improve on an existing one. Project details Advances in the field Your project must aim to create an advance in the overall field, not just for your business. The process, product or service can still be an advance if it’s been developed by another company but is not publicly known or available. Show there was a scientific or technological uncertainty https://everydaylegend.life/