Claiming for R and D tax credits comes with specific prerequisites, as underlined by HMRC. It is therefore important for you to consider certain key eligibility questions that help you understand the qualification of your project for the R&D tax relief:
- What did the project seek to advance in the field of science and technology?
- What was the state of knowledge or information before the project, or, through what means the project has advanced existing information?
- What were the details of the R and D project, and how does it look on a larger commercial front?
- What were the anomalies in science and technology which required to be resolved through the advancement?
- Why an adequate professional in the relevant field was unable to deduce the capability or knowledge sought in the R and D project?
- When and how were the uncertainties resolved in the project?
- What were the costs of the rectification of these uncertainties?
These questions to consider are based on the guidelines set by the HMRC. They form a crux of the usually lengthy rules, however, by being able to consider and answer these questions you will be able to understand the eligibility criteria for your project when claiming for the R and D tax credits. By being able to describe the advancement in science and technology and the gaps, or uncertainties, in the knowledge of the specific field sought for in the project, you will be able to form the base of your R&D tax relief claim. If any doubt still exists, then our R and D tax credits consultants are readily available for your guidance and help.