R&D Tax Credits for Apps and Games
07/05/2017 18:18
Do you qualify for R&D Tax Credits for Apps and Games? In 2015 the UK games business was estimated to be worth £4.193bn and has continued to grow with every passing year. The region with all the greatest sales development was the ‘digital sales’ (downloads that don’t require more software, such as a disc, to operate) for consoles, the Pc and mobile devices; meaning that the improvement of games and bespoke applications (‘apps’) is definitely an exceptionally lucrative industry. The appropriate notion, with the proper marketing and device placement, can potentially see an enormous return on investment for app developers and game developers alike. Get far more information about R&D Tax Credits for Apps and Games
Even so, with all the ever-growing interest in new games and apps, the marketplace is usually a challenging a single to break into - if a enterprise should be to stand a likelihood in such a competitive environment, a decent level of time and work should be invested into researching and creating your solution.
R&D Tax Credits for Apps and Games
As with any small business venture, expense can turn into a problem, specifically when you are inside the pre-sales stage of improvement - minimising your outgoings and costs is important to make sure a wholesome improvement period might be implemented and sustained. The Research and Development (R&D) of games and apps might qualify for relief beneath the R&D Tax Credits Scheme - an initiative that could see your tax bill reduced by a specific percentage, depending on how much you commit on R&D, and how much of those charges qualify beneath the scheme.
When looking at the charges and calculating elements that could potentially be eligible, consideration might be taken into account for employees, utilities, bespoke hardware and software licenses. The definition of ‘research and development’ for the purposes of this scheme is fairly broad, and in case you are an app developer or game developer it can be probably that your project are going to be covered as you are by very definition of the title ‘developing’ your solution.
Study in to the computer software you use or plan to be utilizing, games or app improvement as a general entire, and advancing current technologies with new innovations or inspirations are all places which might be probably to be regarded as covered by the R&D umbrella.
Claiming R&D Tax Credits for Apps and Games
It really should be noted that R&D Tax Credits are classed as state aid, so when you have applied for the Video Game Tax Relief (VGTF) and are a tiny or medium small business, you need to be conscious which you can't claim each. The guidelines are distinctive for significant providers, which may well still be eligible for R&D tax relief claimed below these schemes is not counted as state help. However expert guidance and consultation is advised should you program to apply for more than one particular scheme to operate out what reliefs will provide you with the higher added benefits.
Quick RnD assists in generating tax credit claims for the R&D Tax credits scheme and can enable you to discover what parts of the project are eligible for tax relief, and ways to make certain you receive each of the benefit you will be entitled to. Get in get in touch with and see just how much they could save you.