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R&D Tax Credits and Patent Box

Tax credits and relief on investing in your business

Research and Development Tax Credits can provide tax relief up to 230% of qualifying expenditure and can lead to cash refunds of tax or a repayable tax credit where losses exist.

Research and Development Tax Credits

Research and development tax credits are one of the best ways of reducing a company’s tax liability. If any of your business’s projects qualify, you may become eligible for tax relief. These tax credits can be claimed going back two years.

Your tax credit can go as high as 230% of all costs that qualify. It is also possible to claim R&D tax credits on projects that may not have been successful. The criteria for what qualifies for an R&D tax credit is broadly defined and this makes it more difficult to identify qualifying projects. Having an expert analyse your project makes it easier to determine its eligibility.

Praxis offers its services to help SMEs claim R&D tax credits to the fullest extent possible whilst ensuring compliance with the complex tax rules. R&D tax credits can reduce or even remove your tax bill, or further still result in refunds of tax previously paid and tax credits for loss-making companies.

Get in touch today to find out if your project qualifies.

Tax credits on Patent Box

The Patent Box is a scheme for companies to apply a lower rate of corporation tax to profit from patented inventions. If successful, a 10% corporation tax is applied rather than the standard tax rate.

It is worth pointing out that this lower corporation tax rate can be claimed in addition to R&D tax credits. There is a very favourable interaction between Patent Box income and R&D claims, resulting in what is essentially double relief. At Praxis we can help process both claims on your behalf.

To discuss R&D Tax Credits and Patent Box, contact Praxis to see how we can help.

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