What Is Corporate Tax (R&D Tax) ?
Eligibility for claiming relief
2. The project must be related to the company's related or existing business.
3. If a company is claiming tax relief under MSME scheme it must own any intellectual property that might arise from the project.
1. Employees cost related to the employees directly involved in carrying out R&D excluding the consultants, agencies, workers or directors who have entered into a contract of employment.
2. Staff providers to whom the company is already paying and who are already engaged in the business of R&D.
3. Materials either consumable or transformable material which are used in carrying our R&D activity.
4. Clinical trial cost.
5. Computer software.
6. Subcontracted R&D expenditure.
By two ways R&D tax relief can be claimed and they are as follows-
1. The company shall claim by placing an X in either box 99 (SME) or box 100 (large companies) of your CT return, and in both cases place the enhanced expenditure in box 101, i.e. the actual amount spent multiplied by 230% or 130% as appropriate. The company shall include this enhanced figure in your calculations of the profit (box 3) or loss (box 122) for the period.
2. If your company is a SME and you want to convert all Tax relief into a payable tax credits you will also need to put the amount payable to the company in box 87, box 89, and box 143, and put an X in the repayment due for this return period.
2. Our team of professionals provides advice on R&D tax relief claims and regulatory implications and processing of potential R&D tax benefits.
2. Assistance in preparation and processing application forms relevant for recognition and approval of R&D facilities.
3. Identify the expenditure eligible for R&D incentive claims.
4. Preparation, review and facilitating R&D tax incentive claims.
5. Also support services for realization of R&D incentive claims.