To Infinity and Beyond!
R&D Tax Credits for your work in the space sector, could be the rocket you need to launch your business into the infinite world of innovation!
It is often said that to claim R&D Tax Credits ‘you don’t need to be making the very latest in space technology to be eligible.’ But what if you are making the very latest in space technology? Can you claim? The answer to that question is most likely – yes!
HMRC define R&D as “activities that seek to:
And,
We know that all sounds very ‘jargon-y’, so in the simplest terms, what types of R&D activities in the space industry could be considered eligible?
Think about your current business activities, are you doing any of these things? If you are, is your business currently making an R&D Tax Credit claim?
Even businesses that are conducting grant funded research and development work can be eligible to claim through the RDEC scheme.
When thinking about if your activities are considered R&D from a HMRC perspective, it is crucial you are being advised by an expert – someone who understands your business and technology in order to give you open and honest advice, such as our consultants at TBAT.
If you are already claiming R&D Tax Credits, whether that be through your accountant or through another consultancy, we can review your previous years’ claims to ensure they have been maximised.
Get in touch with us for a FREE consultation with one of our experts to discuss your R&D Tax Credit claim!
The merged R&D scheme (effective for APs beginning on or after 1ST April 2024) has brought about seismic changes to how R&D tax claims are made. Effective for accounting periods beginning on or after 1ST April 2024, the new scheme brings with it new rules, regulations and rates. Explore the key changes and the impacts the merged scheme will have.
In a recent decision, a First-tier Tribunal denied R&D Tax Credit claims totaling £665,000 for Till Plus Ltd, citing issues with payment and the qualification of the work as R&D. Despite correct payments, the activities failed to meet R&D criteria due to inconsistent descriptions, lack of technological advancement, and insufficient evidence. Read the specifics of this case and how HMRC made this decision.
Assists organisations in accessing research and development grant funding across a range of UK and EU schemes and industry sectors.
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