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Interpretation of R&D Tax Credits and Illustration of Industrial Qualifications
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.
This program works by reducing the amount of tax paid by innovative companies, whereby the expenditures on R&D are declared to be allowable, meaning that they are tax exempt. Businesses have not taken advantage of this relief even with the benefits it comes with because some believe the program is a scam, others know it exists but keep on procrastinating, others feel they have inadequate resources to make the move, while others are concerned about HMRC.
RDP Associates give 6Ps that evaluate whether the company is eligible for these reliefs and they are; whether there are new or advanced processes, whether there has been development of prototypes, whether there are new or advanced products, whether there are patents for the company, whether the company hires technical professionals and whether there has been a design and development problems encounter. 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.
Manufacturing is the other industry and it must also meet the conditions of practicing and being able to come up with unique computer-based control programs for number, 3D solid modelling, design to test prototypes and tools and equipment.
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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