In this article, you will learn the best tips and tricks you should consider for your R&D tax credits.
– The first thing to do is to determine the size of your business. Knowing this will help you know what specific tax credit is suited for you.
– Do not neglect tax credits. 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, 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.
– When claiming for tax credits, it is very essential to arm yourself with knowledge on what you can claim for. It can be quite difficult at first. You have to understand that not all available is good for you.
You can speak with an expert to help you in this matter.
– Another tip you can use is to surrender your losses. 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. And when you submit the technical narrative, be sure to write all the details.
– Your technical narrative should be impressive. This is your very chance to show that you have conducted R&D that solves technical uncertainty.
Do not write a very long technical narrative. Keeping it clear and simple would do. Be sure that the people who will be reading it will understand it clearly. Finally, be sure to write essential details even your failures because this shows that your project is hard to solve.
– Your technical narrative should be balance with your claim size. Tie your narrative’s length to your claims’ monetary size- keep it simple but important.
– 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. All the costs should be consistent and match with each other.
Now, with these tips above it will sure be easier for you to claim for your R&D tax credits.