3 Keys to Start your R and D Tax Claim Today
Date: 19th March 2014
Are you thinking that the extensive tax savings via research and development tax credits are worth pursuing? Then it’s the right time to claim for R&D tax relief. R&D tax credits can be successfully claimed by UK companies across all industry sectors – from builders to engineers and manufacturers to technology firms to, of course, R&D companies.
Three keys to making a successful claim for R&D tax credits:
- Identify Whether Your Company Qualifies for R&D Tax Credit
- Identify cost qualifying factors
- Make contact with an expert R & D Team
Company Qualifies for R&D Tax Credit
Do proper research to find out whether your company qualifies for R&D tax credit or not. To qualify R&D tax credit, the company should justify any of the following criteria:
- Develop an innovative product that is new to the market.
- Experimenting with new material and integrating the material to improve manufactured products
- Developing and modifying research methods / formulations / products
- Paying outside consultants / contractors to do any of the above activities
Identify R&D cost qualifying factors
- Labour costs for Research and Development work
- Employees and Material Costs
- Subcontracted R&D Expenditure
Make Contact with an Expert R & D Team
- Once you decide whether your company qualifies for R&D tax credit, get help from professional R&D consultant team to make your claiming process smooth and easier.
- R&D tax credit relief consultants help recognize, identify and scope R&D work your company has done and complete successful R&D tax claims of your accounts.
If you are paying 20% or more as tax credit, RandDTax can help to dramatically reduce your claim costs. For more, visit RandDTax