To help avoid some problems with your tax claim, here are some tips you can make use of.
– 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.
– Be sure to give importance to tax credits. If you have grant funding, there is a chance that it can affect your claim. The thing here is whether your grant contributes to your project. But, it will also take note of the kind of grant you have received.
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. It can be quite difficult at first. 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.
– The next thing you can do to make your tax credits claim profitable is to move around your losses. Surrendering your losses can actually give you greater return in the future years which is more profitable for your company. Talking to a tax credits expert can sure help you a lot in the process.
– The projects you are making the claim is also essential. As you submit your technical narrative, be sure that you are putting into the important details.
– Your technical narrative should be impressive. 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. All you have to do is to keep it simple. 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.
– 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. Be sure that your computations go well with your tax computations, P&L and CT600. Be sure that all costs match with each other.
Now, with these tips above it will sure be easier for you to claim for your R&D tax credits.