Research and Development (R&D) Tax Relief (often
referred to as R&D Tax Credit) is a company tax relief that can either
reduce a company’s corporation tax bill or provide a cash sum reimbursement.
R&D often starts with ideas and theories. This can relate to identifying
issues or new opportunities. The R&D process focuses on exploring and
researching these ideas, seeing what is realistic, feasible and practical.
When developing a new product or service, or even refining or developing an existing one, R&D is one of the earliest phases. Experimentation and innovation is often prevalent at this stage alongside risk.
The R&D process often starts with brain-storming and theorising, followed by research and exploring the theory, before moving into the design and development stage.
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