Tuesday, February 6, 2018

Are You Self-Employed and Eligible for R&D Credits?

Self-employed? Work from home? Do research and development work? you might think that only certain individuals or type of research qualifies. But, you’ll be surprised to learn that if you are self-employed and work from home, you may qualify for R&D credits. 

And, you will find that there are many freelancers and small business owners, who qualify and don’t even know they qualify for the funding to help them push their product/service, and research along.

Qualifying Research 

Regardless of the size of your business, even if you are an individual doing freelance work, as long as you are doing “qualifying” research, you may qualify for R&D tax credits as a UK business owner. 

Some research which constitutes as “qualifying” includes: science advancements, trying to overcome uncertainties, or work which couldn’t be done easily in the field, are types of work which may allow you to receive funding.

Must Advance It

The project you are working on must show you are trying to make an advance in the field. You should be researching something which has uncertainty in the field. 

You should be doing work which is advancing a scientific or technological aspect in the field. And, you must prove that the work you are doing is trying to fix/deal with the uncertainty in that field.

Overcoming It 

In order to qualify for funding, you must show/prove how you tried to overcome the uncertainty. The type of research you did, the work you did, how you modified your project in order to create an advancement in the field. 

The more you can show, and the more methods you can show you attempted, the greater the possibility that you will receive funding, and the more you are likely to receive when you apply for funding.

It is also important to show another professional in the field couldn’t work out the solution you were able to work out. Basically, you have to prove your advancement is one nobody else came up with, and one which is truly going to advance and help others moving forward.

Even if you are a small business owner, or mid-sized business owner, you might qualify for R&D tax credits, which are tax-deductible. If you would like to look in to whether you are eligible for R&D credits then randdclaims.co.uk could help you. 

Whether you are looking for an advance, are working to recreate something, or are making leaps and bounds in technological/scientific research, it is highly likely you’ll qualify. These are a few of the basics to know when applying for R&D tax credits.

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