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. It is very important to take note that your claim can be affected by your grant funding. 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.
However, there will be no effect to expect when your grant doesn’t contribute to the project related to R&D expenditure.
– When claiming for tax credits, it is very essential to arm yourself with knowledge on what you can claim for. Despite the fact that this process can be difficult, it can also provide you with advantages that can save your business. Some people would want to claim as much as they can, but having an incorrect claim is no good for you.
If you are not sure with that you are going to do, then it is best to talk with an expert.
– Another tip you can use is to surrender your losses. Once you surrender your losses, then you can expect in future to have greater return. Talking to a tax credits expert can sure help you a lot in the process.
– It is also very important that you choose the right project to claim for. And when you submit the technical narrative, be sure to write all the details.
– Your technical narrative should be impressive. Doing this proves that you have made a solution from any technical uncertainty and that you are moving forward.
Do not write a very long technical narrative. Keeping it clear and simple would do. It is also very essential to ensure that your narrative is understandable. You can also include details like how your project fails for technical reasons for this will show how hard and tricky your project is.
– The size of your claim should be balanced with your technical narrative. Again, you don’t have to write a several pages for your narrative, but include all the necessary details.
– The last thing that you should do is to carefully go through your claim before you file. Be sure that your computations go well with your tax computations, P&L and CT600. 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.