In this article, you will learn the best tips and tricks you should consider for your R&D tax credits.
– One of the things you need to consider is your business’ size. Knowing this will help you know what specific tax credit is suited for you.
– Tax credits are something you should not take for granted. If you have grant funding, there is a chance that it can affect your claim. This is because the grant will be determine if it has contributed to the project you are claiming the credit for. But then, it will depend on the kind of grant you receive.
In case your grant doesn’t contribute, then it will not affect your claim.
– The next thing that you have to take note is to know what you can and can’t claim for. Despite the fact that this process can be difficult, it can also provide you with advantages that can save your business. You should understand that not all claims can help you grow your business, but there are those that will just delay or trigger lengthy inquiry.
To make sure that you are not going to make an incorrect claim, feel free to call an expert in R&D tax credits to be guided.
– Losses are something that you can’t stay away from in doing business, and you have to understand and accept this. It is better for you to carry your losses since it can give you greater return in the future. To make sure that you are going right through the process, don’t hesitate to seek help from a tax credits expert.
– You have to keep in mind that you should choose the right projects which you are making your claim for. As you submit your technical narrative, be sure that you are putting into the important details.
– The technical narrative you write should be as impressive as possible. This is your very chance to show that you have conducted R&D that solves technical uncertainty.
It is wrong to think that a good technical narrative is long. Keeping it clear and simple would do. You have to make sure that the HRMC will be able to understand what you are talking about. Finally, be sure to write essential details even your failures because this shows that your project is hard to solve.
– The size of your claim should be balanced with your technical narrative. Tie your narrative’s length to your claims’ monetary size- keep it simple but important.
– Before you finally file, go through your claim again and again. It is very important that your CT600, tax computations and P&L match your computations. You have to be very sure that all the costs match with each other.
So, there are the different tips that you can make sure of for your R&D tax credits claim.