Research & Development (R&D) Tax Credits Incentive Scheme is a UK Government initiative to stimulate more investments by companies in their research and development-related activities by claiming R&D tax credits and obtaining R&D tax relief.
To encourage companies to carry out in-depth research to bring innovation and value additions to their existing products or new products.
They can prove to be a valuable source of cash for business by investing in research and development tax credit, accelerating their R&D activities, hiring new staff and ultimately reaching new heights.
To further incentivize companies to claim R&D credits, its rates have been increased considerably in recent years. The incentives for R&D claims and R&D tax are available to all companies, regardless of the size. However, many companies doubt their eligibility for the R&D claim, or they assume the process to be complex.