Do you qualify for R&D Tax Credits for Apps and Games? In 2015 the UK games market was estimated to become worth £4.193bn and has continued to grow with each passing year. The region using the most significant sales growth was the ‘digital sales’ (downloads that don’t demand further software program, which include a disc, to operate) for consoles, the Computer and mobile devices; which means that the development of games and bespoke applications (‘apps’) is an extremely lucrative market place. The best notion, together with the ideal advertising and device placement, can potentially see a huge return on investment for app developers and game developers alike. Get extra information about R&D Tax Credits for Apps and Games
Nevertheless, with all the ever-growing interest in new games and apps, the industry can be a tricky 1 to break into – if a enterprise should be to stand a possibility in such a competitive atmosphere, a decent volume of time and work has to be invested into researching and creating your product.
R&D Tax Credits for Apps and Games
As with any small business venture, cost can turn into a problem, specifically once you are inside the pre-sales stage of development – minimising your outgoings and fees is very important to ensure a healthful development period may be implemented and sustained. The Investigation and Improvement (R&D) of games and apps may possibly qualify for relief beneath the R&D Tax Credits Scheme – an initiative that could see your tax bill decreased by a certain percentage, according to how much you devote on R&D, and how much of those fees qualify beneath the scheme.
When looking at the fees and calculating elements that could potentially be eligible, consideration might be taken into account for staff, utilities, bespoke hardware and computer software licenses. The definition of ‘research and development’ for the purposes of this scheme is fairly broad, and if you are an app developer or game developer it truly is probably that your project will be covered as you will be by quite definition of your title ‘developing’ your item.
Investigation into the computer software you use or strategy to become making use of, games or app development as a basic entire, and advancing present technology with new innovations or inspirations are all areas which are most likely 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 if you have applied for the Video Game Tax Relief (VGTF) and are a modest or medium small business, you should be conscious that you simply cannot claim each. The guidelines are distinct for significant corporations, which could nonetheless be eligible for R&D tax relief claimed below these schemes is just not counted as state aid. Nonetheless expert guidance and consultation is advised should you plan to apply for more than a single scheme to work out what reliefs will provide you with the higher benefits.
Easy RnD assists in creating tax credit claims for the R&D Tax credits scheme and may allow you to find out what components of the project are eligible for tax relief, and ways to guarantee you receive each of the advantage you might be entitled to. Get in speak to and see how much they’re able to save you.