Innovation in the commercial world can often be the key to continued success and growth and in the tough business environment in Northern Ireland, life is no different. Tax incentives can be one factor in encouraging businesses to invest in innovation. To encourage Northern Ireland companies to invest in innovation HMRC have developed a guide to Research & Development tax relief in NI, an updated version of which has now been published.

‘Your Research, Our Support’ looks at the SME and large company schemes and the types of projects that qualify in addition to specific cost elements on which the relief is available. The document also contains a useful potential commercial project timeline and how this fits into the definition of research and development.

Specific NI industry sectors such as agriculture and engineering are also looked at in more detail with examples given of qualifying projects and activities. An overview of the grant support available from Invest NI is also usefully included.

The updated brochure is available from the HMRC website www.hmrc.gov.uk.