Newtons Chartered Certified Accountants
470 Hucknall Road
Tel: 0115 960 9955

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A claim for up to two past years’ tax rebate can be made. From 1st April 2015, the amount of tax relief SMEs can claim has increased from 225% to 230%.

For example, a company that has had qualifying employment and pre-production costs of £100,000 in each of its last two years accounts to 31st March 2016 could claim either of the following two reliefs:

  • If the company hasn’t paid any Corporation Tax as, for example, it is in the early stage of business and hasn’t yet generated taxable profits, then it can obtain a payment from HMRC of up to £36,625 for the year ended 31st March 2015 and £33,350 for the year ended 31st March 2016. That's up to £65,975 in total!
  • If the company has had taxable profits and has paid Corporation Tax, then it can obtain a refund of Corporation Tax of up to £51,000 so long as it has paid Corporation Tax in those two years of at least that amount.
Are you confident that you have maximised the benefit of R&D Tax Relief to your business?