A Guide on Claiming R&D Tax Credits

R&D tax credits are tax breaks put in place by the UK government to reduce the burden of the companies that undertake various research and development activities to improve people’s lives by the results of their projects. The government requires people to comply with various criteria before they can qualify for the refund. The most basic requirement is that the company is UK based and should have spent money on building a technology that meets various criteria that qualify it as a research and development project. The expenses should have been spent on qualified staff, external contractors, subcontractors, materials, and software licenses in the process of carrying out the activities of the project, and these expenses should have been made within the last to complete financial years. You can view here for more info.

Once you have met the different criteria put in place to ensure that your project qualifies for the tax credits, you need to take various steps to get you the refund. First of all, you have to write a convincing narrative explaining the details of your project and how it qualifies as an R&D project. You will show how the project has met the various requirements put in place by HMRC to qualify it for a tax refund. You also need to put together a table of financial calculations show how much you have spent on your R&D tax project. In addition to this, you also need to amend your company tax return and file it with the HMRC. To get all the details right, it can be helpful if you talk to a specialist who can get to do all the work for you, and this can provide the benefits of experience since they will be familiar with what is required to get all that is needed in place so that you can get the refund. If you want to do the whole process by yourself, such specialists can also prove helpful by providing you with information that you need to ensure that you get it right. You can get samples and guidelines to help you get everything in place before you submit it to HMRC. You also get guiding information on some of the things entailed in your project that either qualify or may not qualify as part of the submission process to get the refund. Find out for further details on GrantTree right here.

Once you submit your details to the HMRC, they can either be convinced that you qualify for the refund and give you back what they consider worthwhile, or you may not get it if they think that you got it wrong. Take a look at this link https://en.wikipedia.org/wiki/Tax  for more information.

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