It is a busy period of the year for everyone, but for Research and Development claims, it becomes even busier during the last few months leading up to the 30th of April deadline.
Unfortunately, this means that your claims may take much longer to process due to a huge backlog of demand for clients to get their R&D Applications through before the cut.
At The Grant Specialists, we encourage clients to get their applications done earlier for a smooth sailing experience in receiving their refund. Here are some tips to keep in mind:
- Have all your documentation ready and finalised! This means keeping any of your technical documentation up to date, and your financials and company tax return ready to lodge;
- Make sure you keep your invoices for any contract work directly related to the development of your project. A reminder that you can claim invoices that have not been paid yet, as long as these will be paid in the following year;
- Start prepping for next year’s claim! A lot of clients miss out on a bigger claim because they have either not paid themselves for their own time spent on their project, or because they have not paid for their developmental expenses out of the company intending to claim.
If you have any questions on any of the above, or if you need some general guidance on your R&D claim, we are here to help you.
Contact Us or call 02-8861-9876 to speak to our R&D Tax Incentive specialist – Daniel Han.
