R&D relief gives additional tax relief to companies for expenditure incurred on R&D projects that seek to achieve an advance in science or technology. For an SME company which incurs losses when conducting R&D activity, a tax credit can be claimed by way of a cash sum paid by HMRC.
From 1 April 2014 the rate of the R&D payable tax credit will be increased from 11% to 14.5%.
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