- R&D Tax Credits: What Are They?
- What qualifies as R&D?
- What expenses may my company claim?
- How far in the past can my company claim costs?
- What costs am I not eligible to claim?
- Which companies are eligible?
- Which initiatives qualify as R&D?
- Do distinct kinds of R&D exist?
- How much should I anticipate receiving?
- How will I get my claim paid?
- How much time does the entire process take?
Which Initiatives Qualify As R&D?
Your project must be a component of one with the express purpose of advancing science or technology in order to qualify for R&D tax reduction. It cannot, then, be attempting to improve a social science like economics or a topic that is totally theoretical like pure mathematics. The project must be related to your company’s line of business, either an existing one or one you plan to launch based on the R&D findings.
Requirements
To qualify for R&D relief, you must be able to demonstrate how a project sought to advance science and technology, how it had to deal with uncertainty, how it attempted to deal with this uncertainty, and why it was difficult for an expert in the area to solve.