You might find that dealing with the R&D tax credits is not something simple. You ought to note that as a way of making sure that you benefit from it, then you need to understand what it entails. 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 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 essential thing that you need to qualify is that you should have a UK company.The other important thing is that 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. 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. 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. 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. 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 pointers that you need to understand when making the claims.If you are in this bracket, then you will end up getting your money back.