Do you qualify for R&D Tax Credits for Apps and Games? In 2015 the UK games industry was estimated to be worth £4.193bn and has continued to grow with each and every passing year. The location together with the biggest sales growth was the ‘digital sales’ (downloads that don’t call for more software program, including a disc, to operate) for consoles, the Computer and mobile devices; meaning that the development of games and bespoke applications (‘apps’) is an extremely lucrative industry. The correct idea, with all the correct marketing and device placement, can potentially see an enormous return on investment for app developers and game developers alike. Get extra information about R&D Tax Credits for Apps and Games
However, together with the ever-growing interest in new games and apps, the marketplace could be a challenging a single to break into - if a business is always to stand a chance in such a competitive atmosphere, a decent level of time and work has to be invested into researching and building your item.
R&D Tax Credits for Apps and Games
As with any small business venture, expense can become an issue, specifically if you are in the pre-sales stage of improvement - minimising your outgoings and fees is crucial to ensure a healthful development period might be implemented and sustained. The Investigation and Development (R&D) of games and apps may possibly qualify for relief under the R&D Tax Credits Scheme - an initiative that could see your tax bill reduced by a particular percentage, according to just how much you commit on R&D, and how much of these fees qualify below the scheme.
When taking a look at the costs and calculating elements that could potentially be eligible, consideration may perhaps be taken into account for staff, utilities, bespoke hardware and software licenses. The definition of ‘research and development’ for the purposes of this scheme is fairly broad, and should you be an app developer or game developer it truly is most likely that your project are going to be covered as you're by very definition of your title ‘developing’ your product.
Analysis in to the computer software you use or program to be employing, games or app improvement as a common whole, and advancing existing technologies with new innovations or inspirations are all regions which are likely to be deemed 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 if you have applied for the Video Game Tax Relief (VGTF) and are a small or medium company, you need to be conscious that you just can't claim each. The rules are unique for huge businesses, which may still be eligible for R&D tax relief claimed under these schemes is not counted as state aid. Even so professional guidance and consultation is advised should you plan to apply for more than one particular scheme to operate out what reliefs will give you the greater added benefits.
Effortless RnD assists in generating tax credit claims for the R&D Tax credits scheme and can help you uncover what components of your project are eligible for tax relief, and how to ensure you acquire all the benefit you might be entitled to. Get in make contact with and see just how much they're able to save you.