Research & Development by Wijay Kanagasundaram

Research and development tax credits, also known as R&D tax, is an incentive scheme designed by the UK government to encourage firms to invest in innovation and science and be rewarded for doing this.

R&D tax credit works by being accessible to businesses and companies that pay to develop their products, processes and services – this makes the business or firm eligible for R&D tax relief.

To be more specific, if a firm invests money into creating new products, processes or services for their business, or if they invest money into modifying and updating an existing product, service or process, it is eligible to claim the R&D tax credit for R&D tax relief.