Software R&D Tax Credits
The UK tech sector is no.1 in Europe and No.2 in the world, as it reached a combined market value of $1 trillion in 2022.
The software sector is built on innovation, which accelerated exponentially as recent events thrust the industry into the spotlight, as the world depended on them to safely connect everyone.
Software R&D such as workflow and finance solutions, data capturing and encryption, AI, IoT and SMART technologies, and more could all qualify for the R&D tax credit initiative.
R&D tax credits can offer an additional tax deduction of up to 130% (SME example) off all qualifying innovation spend (changing to 86% on all expenditure on or after the 1st April 2023 (View R&D tax credit changes)).