The fact is that dealing with the R&D tax credits is not something easy. You ought to note that as a way of making sure that you benefit from it, then you need to understand what it entails. The thing is that the R&D tax credits are a tax break that the UK government has put in place. The thing is that with the system you can reclaim 33% of the cost even if the project failed.
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 only way that you can be successful is if the R&D 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 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 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.
There needs to be clarity on what the cash 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. The thing that you should note is that when you are dealing with it then it should be used by subcontractors or materials. The thing is that the other method you might have used the cash is through the software license. The other thing that you should understand is that the money needs to have been spent during the last two 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.
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 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.