Page 7 - Should you be claiming R&D tax credits

WHAT ARE R&D TAX CREDITS?
Now let’s look at the project processes.
WHAT ARE ‘ELIGIBLE’ R&D ACTIVITIES?
 It is work that is NOT routine but work that advances the industry baseline
KNOW HOW TO DO IT
EXPERIMENTAL PROCESS
+ SYSTEMATIC INVESTIGATION
YOU CAN GUARANTEE SUCCESS
NO GUARANTEE OF SUCCESS
THIS MAY NOT BE ELIGIBLE
PROJECT FAILS: THIS MAY BE ELIGIBLE ACTIVITY
PROJECT SUCCEEDS: THIS MAY BE ELIGIBLE ACTIVITY
 NO CLAIM POTENTIAL
INNOVATION PROJECT
QUALIFIED AND COMPETENT PEOPLE
TECHNOLOGICAL ADVANCE  CLAIM POTENTIAL
THE KEY POINTS TO UNDERSTAND HERE:
9 The people you use for the projects are suitably qualified and competent to carry out the work 9 You cannot guarantee a successful result when you start the project
9 You experiment during the course of the project to try and achieve the desired result
9 You can demonstrate that you have gone beyond the obvious solutions that may exist
What size of companies qualify?
All sizes of companies can qualify, however, the scheme benefits vary dependent on what size of company you are, but there is one very important fact to enable you to claim – that you are a Registered Limited Company.
X SME: Fewer than 500 FTE employees and less than €100m turnover or €86m capital assets. X LARGE COMPANY: Anything above the SME requirements.
BUT..... it is not as simple as this in some circumstances, ownership of your company can impact which scheme you qualify for. If you are part owned by a Large Company then you may be assessed under the Large Company scheme.
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