WHAT IS A RESEARCH & DEVELOPMENT ALLOWANCE?
Research and Development is a government incentive scheme awarded to company’s that have an original idea ultimately leading to new business innovation.
WHO CAN QUALIFY?
This incentive is only for limited companies who pay corporation tax, an eligible company must have spent money on ‘research and development’ for the project that is looking to sell. In other words, if your business is investing in developing a new product, new process or a new service that could well be eligible for an R&D allowance and/or a reduction of Corporation Tax.