R&D Tax Credits are a government scheme which allows you to reclaim costs towards certain activities.
However, the name is a little misleading. It’s not just about R&D in the traditional context, but covers a wider range of challenging technical activities. In addition, the specific definition of R&D for the purposes of R&D tax credits is NOT the same as the commercial, engineering or accounting definitions. It is defined as:
“Work that attempts to advance scientific or technical knowledge by addressing one or more uncertainties.”
This can include: creating new products, processes or services; making appreciable improvements to existing ones; or using technology to duplicate existing products, processes and services in a new way.
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