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Understanding HMRC R&D Tax Credits

By and large, this post covers as much as can be on the innovation, research and development grants. See more on this page on the HMRC R&D Tax credits.

The research and development, R&D, tax credits are corporation tax relief programs that will help a long way in helping reduce your business tax bill. If at all you are a small or medium size business, you will have the alternative of going for the tax credits which are often given in the form of cash sums paid by the HMRC. In order for you to qualify for the R&D tax credits, there are some basic qualifications that one should have met. First and foremost, your firm must be liable for corporation tax. The other qualifying aspect for these would be such as the fact that your project should be one that qualifies for relief.

The next question would be what it is that actually qualifies, as an R&D project, for tax purposes. Essentially for your project to qualify for these tax credits, they ought to have at the very least met and satisfied the somewhat detailed HMRC criteria. In a general sense, qualifying projects would be such that generally help advance science and technology. By and large, these projects need to be such that actually relate to the company’s existing or intended trade. And looking at the SME claims for these tax credits, the small and medium size businesses that intend to claim them should be such that actually will or must own intellectual property that arises out of the project.

The R&D tax credits are open for claim by both the small and medium scale business and as well the larger corporations. The only thing that must be is that your firm must be liable to the payment of corporation tax.

By and large, even though from appearance it may seem so easy and simple to tell what it is that qualifies for the R&D tax credits, the reality is that the finer details of what qualifies expenditure happen to be telling a lot more of stricter regulations for tax purposes. Looking at this fact, it is therefore never advisable to assume that all items of your expenditure would be qualified for the tax purposes and considerations. From this, we see the fact that it would be so important and advisable for you to contact a HMRC R&D tax experts and or check the R&D tax relief rules here so as to source for the guidance required for you to make such a successful application for these tax relief and credit programs.

In a nutshell, R&D tax credits can get pretty complex making it so advisable for you to contact the experts and specialists in HMRC R&D Tax credits for the necessary help for your way out.

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