Grants and Funding - Tax
To find out more about tax and new businesses:
R&D Tax Credits
Research and Development (R&D) tax credits are a company tax relief which can either reduce a company’s tax bill or, for some small or medium sized companies, provide a cash sum. The aim of the tax credits is to encourage greater R&D spending in order to promote investment in innovation. The credit works by allowing companies to deduct up to 150% of qualifying expenditure on R&D activities when calculating their profit for tax purposes. Companies which are SMEs can, in certain circumstances, surrender this tax relief to claim payable tax credits in cash from the HM Revenue & Customs (HMRC).
Inland Revenue
Revenue & Customs
HMRC is responsible for collecting the bulk of tax revenue, as well as paying Tax Credits and Child Benefits. They provide advice on VAT and corporation tax, import and export, tax returns and employment tax responsibilities.
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