ENSURING THAT YOU RECEIVE YOUR R&D LOSS TAX CREDITS
When you register for the R&D loss tax credit, the following company information is necessary:
- IRD number
- full trading name
- legal name
- physical address
- postal address (only if different from physical address)
- website address, and
- business phone number.
You’ll also be required to supply:
- contact name
- position in the company
- company mobile phone number, and
- email address.
WHO IS ELIGIBLE TO CLAIM R&D LOSS TAX CREDITS?
The aim of the R&D loss tax credit is to allow start-up companies (with an R&D focus) to refund tax losses caused by qualifying R&D expenditure. The criteria which need to be met in order to qualify, include the following activities:
- The design and development of new products
- Changes to work-flows and processes
- The design and installation of new software and computer systems
- Development of products which have not yet gone into production
- Improvements to existing products
UNDERSTANDING YOUR ENTITLEMENT
Rather than just looking at the credits that your company can claim, it is important to also ensure that those credits are retainable. This means that a greater understanding of your company’s processes and activities is needed so that the requisite advice can be provided about creation of the documentation needed to support future claims and maintaining the tax credit in place. Swanson Reed’s professional team has the expertise and knowledge required to support all claims for R&D tax credits and ensure that you are receiving the full benefit of the finances to which you are entitled.
WHAT ARE THE BENEFITS?
It stands to reason that any company which benefits from extra tax credits will have an improved cash flow and also gain from lower tax liabilities. This also means that companies which are in receipt of these extra finances are well placed to invest in their own business and prioritize their activities allowing for growth and expansion. In the longer term, this provides a huge boost for the Texan economy. In addition, the result of the increased research and development into new products and manufacturing techniques benefits the population as a whole.