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By subsidizing long-term investments in better processes, new technologies, and modified techniques, the government has offered businesses of all sizes an opportunity to carve out a sustainable competitive advantage.
However, most businesses are still either unaware of the program or underestimate its benefits. If you plan to apply for R&D Tax Credits, here are some interesting facts you need to know and some common mistakes you need to avoid:
These figures prove the value of this scheme. Businesses of all sizes from different industries have been able to benefit from this program. However, firms often make mistakes that reduces the tax relief or slows the process down. Here are some of the most common errors you should avoid:
1. Businesses that do not claim tax relief are missing out on an opportunity to reduce their taxable income and boost their investment resources. Smaller local firms are missing out on thousands of pounds in savings under the government’s tax relief scheme due to lack of awareness and common misconceptions about the program.
2. The value of the tax relief hinges on the way you qualify expenses for research and development. It’s easy to overlook some essential expenses that are part of the R&D effort and could qualify for tax credits. Make sure you have a professional on board to help you estimate your total R&D expenses and file for an adequate claim.
3. Even loss-making companies can claim tax relief. According to the HMRC, loss-making companies can file claims worth up to 14.5% of the surrenderable loss.
As with any other tax-related issue, maintaining meticulous and comprehensive records for HMRC is absolutely essential. Many of these simple mistakes are avoidable and being properly informed on the benefits of R&D tax credits makes every the application process very simple and easy to navigate.