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Innovation is critical to our economy and could help your business thrive. But experimenting can be risky and hoover up a lot of cash. It's for that reason that the government introduced R&D tax credits to encourage companies to be more innovative.
You're probably aware you could claim back as much as 33% of your research and development spending, but here are some other things you might not know about tax credits:
1. The tax relief isn’t limited to research costs, it also includes costs related to employees, who could be used for important… experiments.
2. If you make a loss on your project, tax relief jumps to 33.5%. So even if it fails, you get a consolation prize from the tax man. How generous of him.
3. While the tax relief doesn’t apply to your phone or data bill, it does help with power, water and fuel involved in the R&D. Which means...
Credit: Shira Gal/Flickr
4. If you’re applying under the SME scheme, you can claim up to 65% back on work carried out by subcontractors. Getting somebody else to do the hard work for you has never been more rewarding.
5. Tax relief also includes all 'expendable material'. Why not try blowing up some watermelons in the name of research?
Credit: The Slow Mo Guys/Youtube
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