Businesses in the UK are having the perception that Research and Development are only intended for scientists as well as those people who are designing specialist technology, nevertheless, this is not actually true.
It seems that R&D has been underused in the hospitality industry. In fact, based on a study, 3 out of 5 restaurant managers does not have any idea about this! This is where the problem comes since there are numerous R&D activities that occur behind the scenes in hotels, restaurants, and other similar businesses, that were never claimed for.
By answering the questions below we can provide you with personalised online eligibility check.
Take note that Research and Development are all about uncertainties. If you are initiating the process of researching or developing, then you could potentially be eligible for a claim.
One good example of R&D in Hospitality is when you design a new system which can prevent the gluten-free products from getting close to non-gluten-free products.
Unfortunately, only 5% of eligible limited companies were able to make R&D claims, as a result, there are billions of pounds of tax relief that are left unclaimed each year.
A company in the Hospitality industry can only be eligible if it can meet the following conditions:
These are just some examples. Also, keep in mind that the rules of R&D are not severe, they are properly put in place so as to refund and reward those companies which are dealing with some uncertainties. Ultimately, your R&D projects do not have to be successful either, since you can still be eligible for a refund even if your project was not successful.