Maximise R&D Tax Credits for Your Science & Technology Business

The science and technology sector is a hub for innovation, but many businesses in this industry overlook valuable R&D tax credit opportunities. Whether you’re working on advanced AI, software development, or biotech research, Lumo can help you secure the financial relief you deserve.

Why Your Science & Technology Projects May Qualify for R&D Tax Credits

From cutting-edge software to groundbreaking biotech, the science and technology industry is full of innovation. If your business is pushing boundaries, you could be eligible for significant R&D tax savings.

The Impact of the PST Sector on UK Growth

The professional, scientific, and technical (PST) sector is at the heart of innovation in the UK, propelling advances across incredibly diverse fields.

With over three million employees and encompassing 14% of all SMEs, this sector fuels economic growth and fosters groundbreaking discoveries.

Despite the challenges posed by the COVID-19 pandemic, the sector is poised for resurgence.

HMRC indicates a steady rise in R&D expenditure, with the UK government actively investing in scientific and technical prowess to bolster the nation’s competitive edge.

Examples of Qualifying R&D Activities:

R&D tax relief isn’t limited to traditional laboratories. In fact, innovation thrives across diverse sectors within science and technology. Here are some examples of qualifying activities:

• Software Development: Developing new algorithms or innovative applications may unlock R&D tax credits.
• Biotechnology Advancements: Researching new treatments or medical technologies is a prime example of eligible R&D.
• AI & Machine Learning: Innovating in AI, machine learning, or advanced data analysis qualifies as R&D.

Discover how your science and technology business can benefit from R&D tax credits with the help of Lumo’s experts.

Maximising R&D Benefits with Lumo

With the merging of SME R&D tax relief and the Research and Development Expenditure Credit (RDEC), the process is set to become more streamlined and accessible.

Our team at Lumo stands ready to guide you through these changes, ensuring you continue to maximise R&D benefits.

Transform Your Business with R&D Tax Credits

R&D tax credits offer wide-reaching benefits beyond financial incentives. They fuel innovation, drive growth, and contribute to positive change on a global scale.

At Lumo, we’re passionate about helping businesses in science and technology unlock their full potential, and support making the UK the best place for business.