The fact is that dealing with the R&D tax credits is not something easy. The thing is that if you are going to benefit from it, then it is better for you to understand it. R&D tax credits are a tax break that has been put in place by the UK government. 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 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. The other thing that you should note is that you have to spend cash in having it developed. Some of the things to note is that for the HMRC to count you in then the money needs to be spent the right way. The other vital thing that you need in order to qualify is getting a UK company.The other important thing is that the company needs to have spent cash and not sweat equity.
There needs to be clarity on what the cash has done. Some of the things that it can do is to pay the staff or the contractors. The thing that you should note is that when you are dealing with it then it should be used by subcontractors or 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 thing that you should understand is that the money 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. 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 things to note when you are making the claims.By doing this, then you will end up getting your finances back.