Reply to: "Auto-enrolment"

[shaunbhoy]

Anyway, we digress.
What we need to ensure is that the squirrel-bothering oligarch is contributing enough into the collective pot to justify his continued presence in Blighty!

[DimPrawn]

Correct. You don't know any of the detail about the product I've built, the risks I've taken or the R&D I've done so you are in no position to judge me.

Just because it is unusual, doesn't mean it's impossible and certainly does not mean that I have been deliberately unlawful.

We're watching you mate. Put a foot wrong and you'll wish you never signed up here.

[tomtomagain]

But I don't really know the details so it's a sweeping assumption at best. I'm good at those apparently. You sound confident enough so surely I must be wrong.

Correct. You don't know any of the detail about the product I've built, the risks I've taken or the R&D I've done so you are in no position to judge me.

Just because it is unusual, doesn't mean it's impossible and certainly does not mean that I have been deliberately unlawful.

[northernladuk]

Are you implying that I have made a false claim?

Only you know that. What I think is irrelevant. I have my suspicions based on the general concensus of questions from the past and AtW's comments related to his product...

But I don't really know the details so it's a sweeping assumption at best. I'm good at those apparently. You sound confident enough so surely I must be wrong.

[tomtomagain]

Wouldn't falsely claiming R&D be evasion so not really something to be celebrated?

Are you implying that I have made a false claim?

[northernladuk]

I did look at this years ago and hit many of the obstacles mentioned. So well done TTagain. Getting any money out the the Taxman should be celebrated.

Wouldn't falsely claiming R&D be evasion so not really something to be celebrated?

[NigelJK]

I did look at this years ago and hit many of the obstacles mentioned. So well done TTagain. Getting any money out the the Taxman should be celebrated.

[AtW]

Guess he better get a large tub of lube through under R&D quick then.

That would be equipment - annual investment allowance should cover it (as long as it's budiness only), R&D dies not enhance write off, only when it comes to wages R&D can write a lot more than spent

HTH

[AtW]

Well I accurately described what I have done. Filled in the correct forms and submitted the information. HMRC reviewed and awarded the credits.

If you don't ask, you don't get.

If you put R&D for creation of product when you had risks of failure it's one thing, but once product is up and running, then it will be not allowed to claim incremental improve,ents which in case of SaaS product could be "just" website work, the guidance is fuzzy and designed to minimise claims - I am pretty sure R&D tax credits is very abused at the moment, HMRC holds all the cards (as usual), so best to be well above board.

It's important to maintain separate documentation for it - just because they don't ask does not mean they won't, I expect crackdown on RD in any next budget - they are reducing headline corp tax so will try to claw back credits

[tomtomagain]

And you can put any old bollocks down on your expenses and get away with it as well. Doesn't make it right.

Yup. You can make up "expenses". I don't. You can put down anything you like on an R&D tax form. I didn't. You can use specialist "R&D Tax Credit Claims Firms" ( Guaranteed 100% success rate, smells like a complete scam to me ). I didn't. And if you are really stupid you can try and join a scheme that allows you to keep 97% of your income tax free!

Or you can run your company properly, keep your records accurately, pay your taxes on time. I do.

Your ass on the line so if you think it's worth it then fill your boots.

I resent that line. "Filling My Boots". It's not like I put the money in my own back pocket. The refund has been put back into the company and with that and the fall in sterling ( I sell in USD ) I have been able to create a new job in the UK.

And surely the tax system is not only about collecting and redistributing money to pay for services and welfare but also about incentivising companies and supporting the development of new and growing businesses?

It is my ass on the line. Which is why it's done right. I have absolutely no qualms or concerns about what I submitted. As I said, I filled in everything that was asked of me accurately and produced a detailed 20 page document of supporting evidence. If HMRC wish to review the claim then I'd be more than happy to discuss it further.

At the end of the day all I can do is follow the rules. Which is what I did and the result was the R&D tax credits.

[northernladuk]

Well I accurately described what I have done. Filled in the correct forms and submitted the information. HMRC reviewed and awarded the credits.

If you don't ask, you don't get.

And you can put any old bollocks down on your expenses and get away with it as well. Doesn't make it right. Your ass on the line so if you think it's worth it then fill your boots.

[tomtomagain]

The details are in the word developed and linking that to some very clear guidelines from. HMRC noting this paragraph amongst others.


So the devil in the details of what you can created and if it had advanced knowledge. I doubt due the number of people that come.on asking if what they've developed is R&D and its not. It's just a useful app that doesn't advance anything

I don't know what you've created so it's your call.

Well I accurately described what I have done. Filled in the correct forms and submitted the information. HMRC reviewed and awarded the credits.

If you don't ask, you don't get.

[Mordac]

Guess he better get a large tub of lube through under R&D quick then.

You're assuming he'd qualify under the "user interface" clause...?

[northernladuk]

Guess he better get a large tub of lube through under R&D quick then.

[AtW]

Have you claimed R&D tax credits? If not, then you can claim for the last two years. The form is easy enough to fill in. I managed to get back 50% of my CT for the last two years.

Ongoing improvements and maintenance of existing product isn't covered by R&D tax credits stuff - yes I did ask accountant and got Deloitte to audit it...

We do claim some experimental work, but majority of stuff won't qualify - R&D tax credits and Patent Box stuff were designed to benefit some particular large companies that we are not.

It's easier just to sell all export sales via foreign subsidiary in a zero corp tax zone - totally legal as UK revenues will be booked in UK, something that will be even more attractive if new trade barriers will appear.

P.S The Govt can shove those complicated tax credits up its rectum