To help avoid some problems with your tax claim, here are some tips you can make use of.
– You should begin with checking how big or small your business is. This is because the size will determine what tax credit you are to qualify for.
– 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, it will also take note of the kind of grant you have received.
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. 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.
– The next thing you can do to make your tax credits claim profitable is to move around your losses. Once you surrender your losses, then you can expect in future to have greater return. 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. And when you submit the technical narrative, be sure to write all the details.
– Do not write a boring technical narrative, but one that can bring home the bacon. Use this as your chance to tell them that you have made some R&D to solve technical uncertainties.
Do not write a very long technical narrative. Writing a simple yet impressive one can go a very long way. Be sure that the people who will be reading it will understand it clearly. And, write every important details on it.
– Be sure that your claim size goes along with your technical narrative. Tie your narrative’s length to your claims’ monetary size- keep it simple but important.
– Lastly, before filing be sure to check and double check your claim. Check all the necessary details and make sure that it match your P&L, CT600 and tax 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.