R&D Tax Incentive explained: Here’s what you can claim
When it comes to tax incentives related to research and development (R&D), there’s a lot of misconception among business founders in relation to whether they could qualify for this funding support or not.
In fact, many are deterred from applying just because they do not realise that what they do can actually be classified as research, or development.
R&D is much broader than what most people tend to think. It can occur virtually anywhere in any sector — not just deep tech, software development, and biotechnology, but also farming and agriculture, dentistry, construction, architecture, and many more industries.
The common denominators to look for are the three main guiding questions that will allow you to understand whether if what you’re doing can qualify as R&D: