Record your R&D spend
The tax incentive is already in effect from the beginning of the 2019/20 income year. Start recording your R&D spend now and over the course of the year so that your records are ready to file at the end of the tax year.
You’ll need to keep records that:
- show your business is eligible,
- show your R&D activity meets the eligibility criteria, and
- show that your expenditure was incurred on eligible R&D activity and was of an eligible expenditure type.
Whether you do your R&D activity in-house or with a contractor, including an approved research provider, you are ultimately responsible for making sure you can access the records required to support your claim. It is also your responsibility to make sure your claim only includes eligible expenditure, even if you use an approved research provider.
Inland Revenue has guidance about how to keep records and more information about the R&D tax incentive.
As very experienced R&D professionals, the resources guys are well placed to guide you on R&D Tax Incentives. Feel free to make contact