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What You Need To Know About Claiming R&D Tax Credits

The fact is that dealing with the R&D tax credits is not something easy. It is essential for you to understand it if you are going to benefit from it. When you deal with the R&D tax credits you should note that this is something that has been set by UK government. The thing that you should note is that when you make use of the system you will find that you will be able to claim 33% of the R&D cost whether the project was successful or not.

Qualifying for the R&D tax credits means that you have to prove to the HMRC that the tech you use as complicated by submitting financial and technical information. The one thing that you should understand is that when you are looking for this information then you will need to warrant that you have met with the detailed criteria of the HMRC You should note that the only way that you will qualify is if the project you are doing will provide advance is 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. Some of the things to note is that for the HMRC to count you in then the money needs to be spent the right way. The other essential thing that you need to qualify is that you should 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. Some of the things that it can do is to pay the staff or the contractors. It could also be used on subcontractors and materials. Some of the things that you should note is that you can be able to use the money through the software license. The other important this is that the cash should have been spent during the last two completed 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.

Some of the things that you should note is that the cash 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% back. For those doing small business then you should understand that they qualify to get about 15%-33%. These are the things to note when you are making the claims.By doing this, then you will end up getting your finances back.

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