You might find that dealing with the R&D tax credits is not something simple. It is essential for you to understand it if you are going to benefit from it. R&D tax credits are a tax break that has been put in place by the 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.
If you want to qualify for the R&D tax credits then you will need to warrant you take the time to prove that your tech was complex and to do this you will need to submit your financial and technical information. The thing that you should put in mind is that to get the money; then you will need to be able to 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. It is paramount for you to have spent some cash on developing it. Some of the things that you should understand is that the money you use needs to be spent the right way if you are to benefit from it. 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. It could be that it has paid the staff or 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. Some of the things that you should note is that if this is the case then you should understand that if this is the situation then you should understand that you will be liable and if this is the case then you need to warrant that you have made the most out of your investment.
The amount that you get will depend on the business that you are doing. The thing that you should understand when dealing with this project and you are a large company with over 500 staff, a turnover of over a hundred million dollars or a balance sheet of over eighty-six million then you will qualify for about 10% back. For small organization they will get between 15%-33%. These are the pointers that you need to understand when making the claims.Some of the things that you should note is that this is a way of getting your finances back.