Getting a tax credit for making your business better and more efficient, or for bringing a new product to light, is a great thing. It can help you recoup costs that you had for the research and development projects you undertook.
But understanding how to make an R&D tax claim and how to figure the R&D tax credit rates for your particular situation can feel a little overwhelming. Because of the stress and uncertainty involved in the process, a lot of companies that could be claiming their tax credit just don’t do so. They may not realise they can, or they may just feel like it’s too much effort for not enough reward.
How much is it worth?
The idea that it’s not enough reward might not be very realistic. Companies are entitled to get up to 33% of their total development costs back, and that can add up to significant money for companies that do a lot of R&D work. Any business that does a lot of research into new products, trends, or other facets of their industry, and then develops products based on that research, will naturally spend money. It is an expected cost of doing business, and one that makes sense, so there is no reason not to claim the money that can come back to you through the R&D tax credit. That is yours, and you should claim it.
How do you claim the credit?
With an R&D tax credit claim template for SMEs, you can fill in your information and claim the credit. Specialists like GovGrant can help you complete your claim by providing a checklist of the information required to support a R&D Tax Credit Claim. That can help you get a substantial amount of your R&D budget back, which can be used for the future. Depending on the size of your R&D budget that could add up to thousands, or even tens of thousands, back in your pocket for your company to use on further development ideas. Still, businesses hesitate to claim the credit because they do not want to get it wrong. Making a mistake on taxes can set you up for a big problem that your company would really prefer to avoid. But there is a solution.
Get the help you need
The benefits of claiming the R&D tax credit and seeing up to 33% of your research and development budget come back to you are too important to ignore. By enlisting the services of GovGrant, you can get the assistance you need to get your claim filed and realise the full potential of your tax credit opportunities. As market-leading R&D tax credit specialists, GovGrant will give you the information you need to understand how to make your claim, and will take you through the process, so you can see the most amount of money come back to you from your R&D efforts. Your research and development leads to new activities and innovation, and those can be risky.