Research and Development (R&D) Tax Credits are UK tax incentive designed to encourage companies to invest in R&D. Companies can reduce their R & D tax bill or claim payable cash credits as a proportion of their R&D expenditure. R&D Tax Credit is a reliable HMRC scheme which can help innovative companies to recover up to 25% of their costs.
Are you developing new products or enhancing a manufacturing processes? If so, your business may be eligible to claim R&D tax credits. Before claiming tax relief, it’s advisable to have a good understanding of the latest rules and regulations regarding claiming R&D tax relief to make your claiming process a successful one.
One of the greatest hurdles in filing R&D tax relief is to figure out whether the company qualifies to claim R&D tax relief or not. In this case, getting help from the professional research and development experts of RandD Tax in UK will clarify for you everything that qualifies for tax relief and how to claim.
Quick R&D Tax Relief Assessment for SME’s
- Is your UK Company an SME?
- Are you working with less than 500 employees in the company or organisation
- Is your annual turnover turnover < 100m Euros or balance sheet < 186m Euros?
- Does your company pay staffs, or contractors to perform research on product or software development?
- Is the released product/software profitable for the society?
If your answers for the above questions are “yes”, then you are most likely the right candidate to claim for R&D tax credit.
How to Claim:
The claim process is as follows:
- Assess qualifying R&D activity
- Calculate qualifying R&D expenditure
- Submit the claim figures in the tax return (A tax return is a tax form that can be filed with a government body to declare liability for taxation)
If you’re paying more than 20% a year on tax, the best thing to do is to get in touch with RandD Tax in UK. For more visit, http://www.randdtax.co.uk/