Tax Time - Are You Doing Genuine R&D?
While you are gathering up everything to give to your accountant, have you given any thought to whether or not you are doing any genuine Research & Development?
Often while we are working with Clients, we will find that there are genuine R&D activities being undertaken. These are not always being claimed properly and the best tax advantages are therefore not properly realised.
Recently, a couple of our new Clients have been assisted to submit their first R&S Claim, with a number of existing Clients also submitting their ongoing claims.
There are certain rules that must be adhered to in order to take advantage of your R&D claim, but generally it doesn't take long to total up costs in excess of the minimum project value. Clients are regularly receiving benefits worth hundreds of thousands of dollars in this respect, and if you are doing R&D you may want to consider the value of your activities.
If you need any further advice or assistance, please do not hesitate to contact us.