The R&D tax credit is a program created by HMRC to incentivise companies contributing to the economy through Research and Development.
Companies are eligible to claim back up to 33% of eligible spending, and that includes salaries, subcontractors, and R&D relevant consumables. This incentive is uncapped for salaried expenditure and for many high growth companies, it can add up to multiple hundreds of thousands or even millions of pounds.
To access the funding, a company has to have at least one completed financial year, in which the eligible spending has occurred. For HMRC to release the funding, a company has to finalise their accounts, file and R&D tax credit claim as part of their CT600 filing and process that claim, which can take from 10-20 weeks, or up to 4-8 months in the case of an enquiry.