ReaDI-Watch brings customers from a “retrospective” end of year approach to submitting R&D tax filings by implementing a culture and structure for real-time data capture in the business.
Qualifying R&D activity for SR&ED may form a part of the overall R&D accounted for in the company. The qualifying criteria for a SR&ED claim is available in other articles.
If your company (or client) is submitting a SR&ED claim for the first time, there may be some basic eligibility requirements, before considering qualifying R&D:
- Is the company eligible for SR&ED purposes in the country in question?
- Is the company part of a group, and does this affect SR&ED eligibility?
- How would SR&ED credits positively impact the business? Will tax credits reduce corporation tax on profits? Will tax credits carry forward to offset future profits? Will tax credits be refunded to the business directly?
Once these basic requirements have been clarified, and the company wants to pursue an SR&ED claim, the below information needs to be captured in the ReaDI-Watch platform:
- What is the financial year of the company (client)?
- What is the deadline for filing an SR&ED claim?
- What forms / what format need to be submitted with the SR&ED claim?
- What will the Finance or Accounts team prepare for the claim?
- How do other non-dilutive supports impact the SR&ED claims?
If these dates and times are clear, the company (or client) can work with ReaDI-Watch to get the right information together for a seamless claim filing.
ReaDI-Watch’s “Claims” Features will be used to manage this entire process. To meet science and technology requirements, the “Qualifying R&D” process will be followed.