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Benefits of R&D Tax Credits

R&D Tax Credits work by allowing your business to include an additional deduction in calculating its taxable profits. Real tax savings can be achieved whether your company is tax-paying or loss making.

The types of qualifying R&D expenditure typically include staffing costs, software, utility bills, materials and possible subcontracted costs. These R&D costs can be enhanced by up to 230 percent for SME businesses.

The average received per R&D tax claim by companies in Northern Ireland was £46,000. Overall, Northern Ireland accounted for just 3 per cent of total claims and 2 per cent of the total tax benefits claimed. While HMRC statistics show many companies in NI are wakening up to the benefits of R&D Tax Credits, the potential is far greater.