Note product can be a service, app, saleable commodity, any item that a person or business can use. It does not have be developed or produced in the UK, you have to be the owner of it.
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Corporation Tax relief and R&D
R&D Relief is a Corporation Tax relief that may reduce your company or organisation’s tax bill. Alternatively, if your company or organisation is small or medium-sized, you may be able to choose to receive a tax credit instead, by way of a cash sum paid by HM Revenue and Customs (HMRC) But your company or organisation can only claim R&D Relief if it’s liable for Corporation Tax.There are 2 schemes for claiming relief, depending on the size of the company or organisation:
Research and Development Expenditure Credit (RDEC) Scheme
- the Small or Medium-sized Enterprise (SME) Scheme
- the Large Company Scheme
The RDEC scheme has been introduced for expenditure incurred on or after 1 April 2013. It will initially be optional, running alongside the Large Company enhanced-deduction scheme which it will replace in April 2016.Amount of expenditure
Relief is given as a taxable credit on the amount of qualifying R&D expenditure. The rules for identifying qualifying R&D activity and calculating R&D expenditure remain unchanged.Rate of Relief
From 1 April 2015 relief is given at 11% of qualifying R&D expenditure.What is an SME for R&D?
An SME is a company or organisation with fewer than 500 employees and either of the following:
- an annual turnover not exceeding €100 million
- a balance sheet not exceeding €86 million
This definition applies to spending on R&D from 1 August 2008. Before that date, an SME was a company with fewer than 250 employees, and either of the following:
Your company or organisation may not be considered to be an SME if it’s part of a larger enterprise that, taken as a whole, would fail these tests.
- an annual turnover not exceeding €50 million
- a balance sheet not exceeding €43 million
When you’re considering the limits shown above, you may need to include any company that has a shareholding of 25% in your company and/or any company your company holds a 25% share in.
If your company or organisation is claiming relief under the SME Scheme, for accounting periods ending before 9 December 2009, then it must own any intellectual property that might arise from the project.
This definition of an SME for R&D Relief purposes isn’t necessarily the same as that used by HMRC in relation to other areas of Corporation Tax or other tax areas such as PAYE, or by other government agencies.Subcontractors
You can’t claim R&D Relief under the SME Scheme if you’re a subcontractor – that is, if you’ve been subcontracted to do the work on behalf of somebody else. But, even if your company is small or medium-sized, you may still be able to claim as a subcontractor under the Large Company Scheme.
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