For Video Games Tax Relief UK, you can claim an additional deduction to reduce your profits or to increase a loss. This will reduce the amount of any Corporation Tax you will need to pay.
Video Games Tax Relief (VGTR) is available to Video Games Development Companies (VGDCs) conducting a video game trade. There can only be one Video Games Development Company for each relevant video game.
A video game is an electronic game that is played through a video device. The video device and equipment required to play the game are separate from the game itself, even if the two are sold as a single product. The video game is the software and other electronically stored content and information, rather than the hardware it is played on.
Video Game Tax Relief (VGTR) is a creative industry tax relief incentive, funded by the UK government. Video Games Tax Relief gives UK game developers a tax rebate worth up to 20% against the money they spend on the design, production, and testing of a new video game.
Can you claim R&D Tax Relief for New Product Development (NPD)? A question with a complex answer when you consider how R&D is defined - however the short answer is ‘yes’, providing you have overcome a technical challenge to develop your new product!
One of the brilliant ways that project managers can receive funding for their R&D projects is through claiming R&D tax relief. Even if an R&D project fails on paper, it's likely you will still have the opportunity to claim R&D Tax.
The general rule is that UK businesses can only claim one form of State Aid - this could include Covid support, R&D Tax Relief, and even some Grant Funding. This means that you need to be quite selective with how you utilise Government schemes that are considered State Aid.
To qualify for R&D Tax Credits relief, the project needs to be seeking an advance in science or technology by the overcoming of scientific or technological uncertainties. In addition, the resolution of these uncertainties must not be readily deducible by a competent professional working within the field.
In summary, the preparation of your claim and subsequent processing by HMRC generally takes around 12 weeks, depending on the claim size and time of year. However, if your R&D Tax Credits claim is selected for a compliance check or enquiry, then it could take substantially longer!
The R&D tax credits SME and RDEC schemes are both based on an adjustment of the Corporation Tax payable. The filing deadline for company accounts is 12 months after the financial year end and most companies will be able to go back two financial years.
Assists organisations in accessing research and development grant funding across a range of UK and EU schemes and industry sectors.
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