Using R&D Accountancy Software to Take Advantage of the RD / R and D Tax Credit

A common mistake many entrepreneurs make is assuming they cannot claim research and development (R&D) tax credits if they don’t have breakthrough research or onsite labs. Or, they may have concerns about triggering an audit, or fear that the process will be too complicated. But in fact, if you have a small-to-medium sized business and you employ engineers or outsource product testing, you can claim R&D tax credits, and there is now a great piece of R&D software that will make the process unbelievably quick and easy.

TaxTrex makes it easy for you to benefit from the cash refund by using R and D software to make the claims process as simple as possible. TaxTrex is the first software to systemise and simplify the R&D tax claims process. TaxTrex accountancy software helps accountants easily manage their clients’ R and D claims. This is innovative and unique software built on a foundation of scientific research and up-to-date R&D case law.

What Is RD Software For?

The R and D tax credit works as an incentive for technological advances and to encourage the hiring of research and development workers. Because many smaller businesses aren’t sure how to quantify research and development expenses, and because the cost of such work typically is more substantial earlier in the process and tends to decrease over time, many businesses are not taking advantage of the credits they could be getting.

If you haven’t received R&D tax credits but you think you might be eligible, it’s time to take another look. The credits have been simplified in recent years, can be received retroactively, and can be transferred in the case of an acquisition. These benefits make the credits particularly attractive to smaller companies, and especially startups.

What Kind of Companies Can Benefit from R&D Accountancy Software?

There are a number of different types of businesses that can claim the R&D tax credit, including software developers, tech companies, biotechnology companies, software-as-a-service type companies, and anyone who provides cloud-based technology or services. Any company with an engineer on staff probably has research and development costs they could be claiming. If your company performs technological research that involves experimentation for the purpose of eliminating uncertainty, you have qualified expenses.

Even existing companies that are not startups can claim the RD tax credit, as long as they have qualified research expenses that are greater than 50 percent of the average they spent during the preceding three tax years. In other words, if you spent $10,000 on average for each of the previous three years, and this year you spent $5,000 more than that, then you have qualifying expenses. TaxTrex makes it so easy to take advantage of these credits, there’s no reason not to try it out. Even a few thousand dollars can make a big difference to a small business. Visit https://taxtrex.online/au/en/ today to learn more about how to get the tax credits you deserve.