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.
Qualifying for the R&D tax credits means that you have to prove to the HMRC that the tech you use as complicated by submitting 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. You should note that the only way that you will qualify is if the project you are doing will provide advance is science and technology.
Some of the things that you should note is that having technology that qualifies is not enough. You need to have spent some money on developing it. Some of the things that you should understand is that the money you use needs to be spent the right way if you are to benefit from it. The other vital thing that you need in order to qualify is getting a UK company.The the company needs to have spent cash and not sweat equity.
The thing you should note is that it needs to be clear on what the money 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 important this is that the cash should have been spent during the last two completed financial years. The thing is that if this is the situation then you should put in mind that you are legible and you should follow up so that you can get the most of the cash.
The amount that 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. In case you do small business then you should note that you might qualify for about 15-33%. This is what you should note when you are making the claims.Some of the things that you should note is that this is a way of getting your finances back.