The government acknowledge that innovation is key in making the UK a desirable place to invest, settle and create and are emphasising this desire with attractive tax rebates to encourage innovation within the UK.
The rebates on offer have improved in recent years especially the research and development rebates for companies of all sizes. The most attractive rebates are available to small companies which are defined as those with less than 500 employees and €100 million turnover (so not so small).
If you are a small company that is registered for corporation tax and undertaking work to improve products or services you sell; or the processes by way these products and services are delivered. You should be eligible to receive a tax saving of 45 pence for every £1 spent on research and development or a cash equivalent of 33 pence for every £1 spent for loss making companies.
If this is something you would like to explore call Webworks on 020 8144 4474.