Claiming R&D Tax Credits
This course will enable you to:
- Have a good overview of the UK R&D tax relief and credit schemes
- Understand the definitions used by HMRC to assess whether a project qualifies as R&D
- Understand the critical information that is normally included in an R&D claim
- Be able to draw up a checklist of what to include in an R&D claim
This course has been revised and is up to date for 2020-21
Do you know how to judge whether your company or client is eligible for R&D tax credits? With so much misunderstanding about what qualifies as R&D, the tax credits scheme is still significantly under-utilised, especially in the SME sector.
This course will help you to recognise qualifying R&D activities, compile appropriate cost breakdowns, calculate the value of the R&D tax credit claim and ensure that your claim includes all the information HMRC want to see.
Getting to know R&D tax credits
- What are R&D tax credits?
- What is the size of the marketplace?
- Who is eligible?
- What are the current claim rates?
- How are R&D tax credit claims submitted?
Recognising qualifying R&D activities and projects
- How is science and technology defined for R&D claims?
- What advances need to be sought in order to claim?
- What is the concept of scientific and technological uncertainty?
- Who is a competent professional?
- What are the different types of qualifying activity?
Compiling eligible R&D cost breakdowns
- What qualifying activities and costs can be included in an R&D claim?
- What you need to know when compiling an R&D cost breakdown?
- What are some common pitfalls and how do I avoid them?
Calculating the value of R&D tax credit claims
- What are R&D enhancement rates?
- What are the calculation steps?
- What if the tax credit rate changes during the company's accounting year?
- What are the R&D elements in a corporation tax return?
Understanding what HMRC wants to see in an R&D claim
- What are the key qualification checks?
- How do we approach the technical justification?
- What does a qualifying costs breakdown include?
- What might trigger a HMRC enquiry? What are their common questions?
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