So what exactly are R&D tax credits?
Introduced in 2000, R&D tax credits are the Government's way of encouraging exciting new products and services. Why? Because by helping to reduce some of the financial risk for technology companies, the Government hopes they'll find new and innovative techniques to make the UK more competitive internationally.
Crucially – and contrary to popular belief – R&D tax credit eligibility isn't confined to companies with R&D labs full of people in white coats.
Any company that spends money trying to improve a product or service through a technological advance, using qualified staff and appropriate project controls, and where there's an element of doubt about the project's success, is likely to be eligible.
To gauge whether your company might be, try getting your head around HMRC’s eligibility criteria. Or alternatively, take our 30-second eligibility test.