Eligibility for claiming Relief

• The company claiming the relief should understand that R&D projects seeks to achievean advance in overall knowledge or capability in the field of science or technology.
• The project must be related to the company’s existing business or if it is a startup which will be based on the results of R&D.
• If the company is claiming tax relief under SME scheme it must own any intellectual property that might arise from the project.
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R&D Cost that qualify for relief

• Employees Cost related to the employees directly involved in carrying out R&D excluding the consultants, agency workers or directors who have entered in the contract of employment.
• Staff providers to whom the company is paying who are actively engaged in carrying out R&D
• Material either consumable or transformable material which are used in carrying our R&D activity
• Clinical trial cost
• Utilities such as power, water, fuel used in the R&D. These does not include telecommunication cost and data cost
• Computer software
• Sub contracted R&D Expenditure

How and when to claim R&D Relief

1) When to claim

2) How to claim

• The company  shall claim for R&D tax relief 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 - that is, the actual amount spent multiplied by 230% or 130% as appropriate. The company should also include this enhanced figure in your calculations of the profit (box 3) or loss (box 122) for the period.
• If your company is a SME and you want to convert some or all of the tax relief into payable tax credits you’ll 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.

Record Keeping Requirements

Key Strengths

• We have dedicated R&D team with extensive experience in providing services to clients engaged in diverse industries and sectors
• Our team of professional provides advice in respect of matters relating to tax and regulatory implications and processing of potential R&D tax benefits

Key Services provided by us

• Assess liability for claiming R&D incentives
• Assisting in implementing systems and processes for capturing the necessary information relating to R&D incentives
• Assistance in preparing and processing application forms relevant for recognition and approval of R&D facility
• Identifying the expenditure eligible for R&D incentive claims
• Preparation, review and facilitating R&D tax incentive claims
• Also support services for realization of R&D incentive claims