You might find that dealing with the R&D tax credits is not something simple. 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.
The thing you should note is that when you are looking to get the R&D tax credits then you will need to take the time to prove to the HMRC that your tech was involved and this can be done by submitting financial and technical details. 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. You will qualify if your project provides any advance to science and technology.
Some of the things 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. 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.
The money needs to be clear on what it 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 is that it is that it could also be used for subcontractors or the materials. The other way that you might have spent 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.
The thing that you should note is that the amount of money that you will get from the venture will mainly depend on the business that you are doing. If you are a large company with over 500 employees and a turnover of over $ 100 million or a balance sheet of $ 86 million then you will get approximately 10% back. For those doing small business then you should understand that they qualify to get about 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.