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Definition of R&D Tax Credits and Explanation of Qualification of Industries
Research and Development (R&D) tax credits are a form of reliefs on taxes that were aimed at increasing innovations in the economy by issuing them to businesses that innovate, but as the director of technical services at RDP Associates confirmed, many of the businesses qualifying for these tax reliefs do not know they are eligible. The number of claims submitted year after year has been on the rise for the last several years, proving the growing popularity of the R&D program.
The program works by reducing the tax bill of the innovative company by an excess of the percentage of the R&D expenditure, meaning that the costs in it are free from taxation. It is clear that companies have not been taking advantage of this program well even with benefits on cost-cutting where some know about it but keep on postponing on making the claims, others feel that they do not have enough resources to make the claims , others have HMRC concerns, while others just believe that the program is a scam and that there are no such benefits.
RDP Associates give 6 metrics that are used to measure the eligibility of a company to these reliefs and they are; whether there are patents available, whether the company has employed professionals like engineers, whether the company has experienced problems in design and development, whether there are new or improved products, whether there are new or improved services, and whether any prototypes have been developed. The following industries are in the best position of claiming this according to RDP Associates.
The first industry is the software and should be developing architecture of the software, designing electronic interfaces and relationship of modules based on their functions, source codes of software, testing of the software, explain their alternate materials, determining the means of bringing parts together, Design a functional transportation system of products and materials and a proper process of disposing waste from the structure.
Architecture is our second industry of interest and to qualify for this relief, the firms should be in a position design building facades, develop schematic structural designs, give out energy saving features in designs, and have an integral site plan that incorporates the other small plans.
The other industry that benefit from this relief, and it must also meet the conditions exercising and ability to come up with 3D solid modelling, design numeric computer based programs, come up with prototypes and design equipment and tools needed.
The last industry favored by this tax reliefs is the food and consumer packed goods industry and it should be in a position to release new packaging designs, design prototypes for analytical and microbiological qualities, release a new production process, and release new flavorings, products recipe.
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