Have you just started your small business and want it to flourish? You might have just invested in new equipment or expanded your premises, right? You definitely won’t have done it without thinking about different aspects of your business, right? How exactly did you research on your new developments? Apart from just time, you should even think about what these new developments cost you.
Well, not only you want your business to flourish and expand by taking some calculated risks but there is someone who desires it too! Yeah, Government too wants businesses to take “calculated risks”. After all, the small to medium businesses in UK are the backbone of economy.
You might be first surprised to know that the government has allocated a lot of money for incentivising this important R&D though the tax credits. However, just small fraction of this money is actually being used. As a result, there are some top and most reputable R&D tax credit experts like DSMRandDTaxCredits that can help you receive your full R&D tax credit entitlement.
Being the owner of small business and being solely responsible for it, you might need doing all routine legal work yourself, don’t you? Having so many things to worry about, it is possible that you might have just forgotten even the possibility of applying R&D tax credits, right? Read on to know how you too can apply for it and let its related myths busted here!
If you think that only the men and women flaunting their white coats and moving around different laboratories are considered to be eligible for this tax credit, then you are surely wrong! You don’t really require owning a high-tech scientific company.
As a matter of fact, over 40% of the businesses in UK are involved in the type of innovation that makes them eligible for the tax relief. In short, if your firm is trying to solve issues using a technology, then you are eligible for it.
Can small businesses apply too?
Yes, of course! You would be amazed as well as more than happy to know that over 80% of the total R&D claims in the recent years have come from Small to Medium Companies/ Enterprises (SMEs). The government in fact is excited to encourage small businesses to apply for it. When it comes to tax relief, a company falls under the category of SME if it has less than around 500 balance and balance sheet or turnover of less than $86 million.
Does claiming for R&D tax credit takes lot of work?
While it is true that the tax relief applications might be time consuming and complicated, all you will require is showing detailed records in order to show or prove your eligibility. Having smaller company with limited resources and staff, hiring a right company to handle your RandD tax credit claims can be quite beneficial.
So, let your growing business make some good savings through R&D tax credit claim. Go for the best company and claim your R&D costs now!