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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. The thing is that the R&D tax credits are a tax break that the UK government has put in place. 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 only way that you can be successful is if the R&D meet with the HMRC detailed criteria. You will qualify if your project provides any advance to science and technology.

The thing is that having technology which 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. The thing that you should note is that the money needs to have paid the employees or the contractors who were working on the project. It could also be used on subcontractors and materials. The thing is that the other method you might have used the cash is through the software license. The thing is that the cash needs to have been spent during the last two financial years. if this is the case, you should note that you are legible and you should get in touch to get the money.

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% back. For small organization they will get between 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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