What are R&D Tax Credits
Research and development (R&D) tax credits are a government tax relief that rewards innovative UK companies.
By ‘innovative’, we generally mean companies that spend money on developing new products, processes, or enhancing existing ones. And remember, you don’t need to be wearing a lab coat at work to claim R&D tax credits.
On average, 33p in the £1 of all qualifying costs can be claimed back.
Claiming R&D tax credits needn’t be a hassle
Claiming R&D tax credits with Lumo is a straightforward, stress-free process.
We take uncertainty out of the equation and give you a simple and honest assessment of your claim as quickly as possible, without jargon.
All we do is R&D tax credits – that’s it. So, our team know R&D tax credits inside and out.
We know the language of the tax man, we know what makes a successful claim and what doesn’t, so let us do all the legwork for you.
The government has created R&D tax credits to support innovative businesses, but very few submit a claim and get money back into their business. Make sure you do.
Some of the sectors that are ripe for R&D Tax Credits
Life sciences is a sector that sees plenty of investment, and the adoption and creation of new technologies on a regular basis. In fact, government has identified life sciences as one of the key sectors in which the UK is a global leader, and perhaps this is why businesses in this sector are such excellent candidates for R&D claims.
Food & Drink
It is estimated that only around 1% of eligible R&D tax claims for the food and drink industry have been paid out. So, if your business is in this sector, and you’ve not yet claimed, you’re probably one of the 99% that are missing out. Get in touch with us today and we’ll change that.
Science & Technology
The poster boys for R&D claims – science and technology businesses. This is the sector that most people think you have to be a part of to even make a claim (which isn’t true, of course). So it makes complete sense that many businesses working in this area are going to be excellent candidates for R&D claims. If that’s you, then get in touch.
Manufacturing & Engineering
Like science and technology, businesses working in the manufacturing and engineering space are ideal R&D claim candidates. For example, do you;
- Spend money on developing new products? Probably.
- Spend money on creating new processes, or enhancing existing ones? Again, probably.
Research and development is something that many manufacturing or engineering companies carry out on a regular basis, so make sure you get in touch with us to discuss a potential claim today.