The R&D tax credit is available to many more industries than it was at its outset in 1981. It is a refundable tax credit. Some examples of industries which qualify are: manufacturing, engineering, software, architecture, food & beverage, dental.
The business must have research and development expenses from areas such as: direct and externally provided staff, subcontracted R&D, consumables, software, trials, prototyping and independent research costs.
There is no limit to the size of the company who may apply and qualify for this tax credit. What is important to understand is that this credit is on-going unlike many tax credits. So if your business qualifies this year you may likely qualify every year.
The R&D Tax Credit is a complicated credit to calculate for a business owner. There is much documentation and supporting research-detail that must be developed for our client’s in order to support their credit recovery claim. However you as the business owner will be able to benefit from this credit by using this recovery for anything you desire, including if you choose, the expansion of your business.