In today’s economy, maximizing innovation can make the difference between success and failure. One way governments help companies to achieve this goal is through Research and Development tax credits. There are R&D tax credit programs in many countries and regions including the US, Canada, Australia, the UK and the EU. Governments have determined that offering R&D tax credits benefits citizens in numerous ways including promoting high tech jobs in the region, improving competitiveness of local firms and the long term benefits that come from capitalizing on cutting edge technology.
Every R&D program has reporting standards and controls that allow the government giving the credit to ensure that the funds are being spent on eligible R&D activities.
While there are different rules for R&D tax claim documentation in different jurisdictions, one thing is common: tracking the hours of your R&D workers with timesheet documentation is the best way to prove that the appropriate work was completed by the appropriate personnel.
TimeControl has been used for years by organizations in different countries to document R&D tax claims. As an activity-based timesheet, TimeControl is ideally suited to deliver on the three levels of R&D financial audit that we refer to as the Triangle Audit.
The TimeControl website contains an R&D tax claim resource portal with tools, white papers, presentations and examples of how TimeControl can be used to help your tax claim process and to free your technical experts from tax claim paper work and get back to innovating!