Procedure for claiming research and development tax credit

Procedure for claiming R&D TAX CREDIT

R&D tax benefits are given by HMRC, UK for companies who involve in successful innovative research and development. Companies should follow a procedure designed by the HMRC to obtain R&D benefits.

#1 Understand the R&D process in your company and identify the project that has resolved scientific and technological uncertainties.

#2 Create a document in Layman’s terms explaining the scientific advancements and process involved in making the advancement.

#3 Calculate the expenditure in your R&D department covering labor, materials and consumables invested in making the innovation possible.

#4 Provide all the cost details and be prepared to answer any queries asked by the HMRC regarding qualification or cost.

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