Some businesses believe that R&D tax credits are only available for companies that are carrying out work in scientific or medical fields. In fact, technology and software is considered a completely legitimate form of R&D in terms of getting tax relief. So, if your digital or tech businesses is conducting research and development work, you could be claiming back tax relief. Taking advantage of the benefits of tax credits can free up your time and money and conduct more important work and grow your business further.
At Cooden Tax Consulting, we are specialists in R&D tax credits – we would love to help you with any R&D claim relating to technology or software. If you would like to learn more, get in contact with our experienced team today.
How much are R&D tax credits worth to your business?
This can be quite a complicated question to answer, and ultimately, it all depends on the specifics of the R&D work your company does. There is undoubtedly the financial benefit that comes with the tax credits – and these are the same as for any other R&D tax credit claim.
One of the other major benefits of R&D tax credits is that they can help to create a culture rewarding innovation and growth in your company. Innovation and growth leads to the ability to hire skilled technical staff, which feeds into further R&D projects.
Does my business qualify for R&D tax credits?
The simplest definition of R&D is when a company looks for an advance in science or technology. This is deliberately broad and it means it can be interpreted to include the development of physical technologies as well as software.
In order to get R&D tax relief for a technology project, you will need to show in your claim that your company looked for an advance, had to overcome an uncertainty, took steps to overcome this uncertainty, and that this work couldn’t have been achieved easily by someone in your industry.
It only takes 15 minutes to find out if you are eligible for R&D Tax Credits - why not book in a call today?
