Those of you who are thinking of claiming or wondering if you might be eligible to put forward a claim; the time has never been better than now. This is because End of Financial Year is fast approaching for the R&D tax year. To be able to receive this benefit, all claims need to be registered for a 2014 R&D Tax Incentive year must be lodged by 30 April 2015.
In software, but not sure what you can claim? Here are 5 key areas for R&D:
- R&D is typically done where you are developing on, or interacting with, a new or undeveloped platform or language that requires experimenting to achieve the functionality goals that you are striving for.
- Where you are interacting with a 3rd party software that does not provide adequate documentation or API’s to interface with and requires experimentation to develop the link.
- Where you are developing a data interchange between a legacy system and a new system, ie a legacy database and SQL where there are fundamental incompatibilities in the transfer of data.
- Where you are creating an experimental user interface that requires extensive testing to determine the optimal interface.
- Where you are creating new algorithms to solve a calculation.
We’ve met too many people who had spent large sums of money on R&D, were too late to claim and missed out on significant tax refunds or tax savings that could have helped their businesses. Whatever you do, don’t be one of them! If you are in this situation or know of someone who is, please don’t hesitate to get in touch.