Artificial Intelligence and business growth: how R&D tax credits can help

R&D tax credits and business growth

From self-driving cars to internet chatbots, personal assistants to medical assistance, the future of Artificial Intelligence is all but with us. So much so, in fact, that more and more businesses from an array of industry sectors are looking at investing heavily in ensuring they remain at the forefront of their market, utilising AI to boost sales and optimise user experience.

Do you want to learn artificial Intelligence? Then Intellipaat Artificial Intelligence course is for you. Intellipaat is a popular e-learning and professional Certification company who provides training on all latest technologies like Big Data,AWS,Data Science and blockchain certification training.

Of course, visions of a future where all tasks can be autonomous and machine learning has exceeded our own ability to add value is a long way off, but working towards a more efficient and economical era is undoubtedly vital in modern business. As such, ensuring that your company is engaging effectively in such development is key and, with R&D tax credits rewarding the push towards AI advancements, it makes sense to properly understand how you can benefit from tax initiatives introduced by the UK government.

Integrating systems

While not all companies are in a position to employ a team of software developers to build a fully bespoke artificial intelligence network, many off-the-shelf solutions are becoming available. The challenge with these, however, is integrating into existing systems within an organisation. This process itself may well qualify as R&D activity, fulfilling the criteria laid out by HMRC that you were searching for an advancement in science or technology.

Alternatively, you may well be a software development organisation currently engaged in AI development. As such, you work will not go unrewarded, with such work the epitome of what is means to be invested in innovative, forward-thinking research.

Take advantage of tax credits

Regardless of your situation, R&D tax credits will be able to help you continue your work and inject your business with valuable cash or reduce your Corporation Tax obligations. Whether it’s staffing costs, outsourcing or contractor costs, utilities, materials, and even selected software requirements, a number of qualifying expenses that make up your claim can be recovered in part, depending on the size of your organisation.

For those companies with no more than 500 employees, and with a turnover of less than €100m or a balance sheet total under €86m, making a claim for the SME tax credits will help you recover up to 230% of qualifying costs. Alternatively, for those larger companies, the R&D Expenditure Credit offers the chance to benefit from a rate equivalent to 10p of every £1 spent on research and development.

Regardless of your company size, such investment in AI development will provide ample opportunity to benefit from these tax initiatives.

Discuss with experts

The complexities surrounding making a successful claim for R&D tax – such as suitable documentation and identifying associated costs – means it pays to work with experienced R&D tax professionals to maximise the value of your claim. Find out more about R&D tax credits for software development today.

Mike John
Visit and create a post on my news website at: https://bestinau.com.au also Visit My Blogs http://houseilove.com, http://www.autonags.com/

Leave a Comment