Find out How To Go About When Claiming Claiming R&D Tax Credits
Dealing with R&D tax credits can be a complicated venture. It is essential for you to understand it if you are going to benefit from it. The thing is that the R&D tax credits are a tax break that the UK government has put in place. It is paramount to understand that even if the project was not successful the government allows you to claim 33{3f9248f99de9d40d17d74bd21499642b46b6f5ae4d3fb27ba8379b7dc13ad41b} of the cost.
The thing you should note is that when you are looking to get the R&D tax credits then you will need to take the time to prove to the HMRC that your tech was involved and this can be done by submitting financial and technical details. The only way that you can be successful is if the R&D meet with the HMRC detailed criteria. Some of the things that you should note is that you will be able to qualify in the case that the project you are working on providing advance in science and technology.
The other thing that you should note is that having technology that qualifies is not enough. The other thing that you should note is that you have to spend cash in having it developed. For the HMRC to count you in, the money needs to be used in the right way. The other important thing is that you need to have a UK company.The the company needs to have spent cash and not sweat equity.
The thing you should note is that it needs to be clear on what the money has done. It could be that it has paid the staff or contractors. The thing is that it is that it could also be used for subcontractors or the materials. Some of the things that you should note is that you can be able to use the money through the software license. The thing is that the cash needs to have been spent during the last two financial years. The thing is that if this is the situation then you should put in mind that you are legible and you should follow up so that you can get the most of the cash.
The amount that you get will depend on the business that you are doing. Some of the things that you should note is that if you are a large company that has 501 plus employees and makes a turnover of $ 100 million or have a balance sheet of $ 86 million then you should note that you qualify for about 10{3f9248f99de9d40d17d74bd21499642b46b6f5ae4d3fb27ba8379b7dc13ad41b} back. In case you do small business then you should note that you might qualify for about 15-33{3f9248f99de9d40d17d74bd21499642b46b6f5ae4d3fb27ba8379b7dc13ad41b}. These are the things to note when you are making the claims.If you are in this bracket, then you will end up getting your money back.