The fact is that dealing with the R&D tax credits is not something easy. You ought to note that as a way of making sure that you benefit from it, then you need to understand what it entails. The thing is that the R&D tax credits are a tax break that the UK government has put in place. It is paramount to understand that even if the project was not successful the government allows you to claim 33% of the cost.
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 one thing that you should understand is that when you are looking for this information then you will need to warrant that you have met with the detailed criteria of the HMRC 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 to note is that for the HMRC to count you in then the money needs to be spent the right way. The other essential thing that you need to qualify is that you should have a UK company.The other point that you should note is that when you are dealing with it, then you need to get a company that will have spent cash and not sweat equity.
The money needs to be clear on what it has done. It could be that it has paid the staff or contractors. It could also be used on subcontractors and materials. Some of the things that you should note is that you can be able to use the money through the software license. The thing is that the cash 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 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. In case you do small business then you should note that you might qualify for about 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.