Top Tips to Claim Research and Development Tax Reliefs
HM Government rewards business that engage in R&D activities by providing r esearch and development tax reliefs . However, as can be expected, claiming tax relief is a complex process. You can claim it as cash sum or reduce your business tax liability. Here are some ways to obtain maximum R&D tax relief. 1. Know the definition of R&D HM Revenue & Customs specifies what can be t hought about carefully as R&D for the purpose of R&D tax relief. Know about it before you start your project. That is the best way to ensure your claim for research and development tax reliefs goes through with minimum bother. A brief definition should help: The project should advance science and technology and it should be proved that a professional in the field could not resolve the technical issue the company faces. You need to explain what you did to surmount uncertainty which could be something as simple as explaining the successes and failures of the pro