The good news is that mobile game developers operating in the UK are among those who could be eligible for R&D Tax Credits that would reduce their corporation tax bill.
Money on the table
Even loss-making companies can benefit, since the scheme provides them with a cash credit payable in exchange for surrendering tax losses, and retrospective claims can be made going back two accounting periods.
Nevertheless, many aren't taking advantage.
"Thousands of software developers are missing out on claiming back up to 25 percent of their staff wage bill." claims Barrie Dowsett, owner of R&D tax credit specialists Myriad Associates.
"Many software developers are simply not aware of this very generous incentive from HMRC and just as many have been incorrectly advised by their trusted accountants that they do not qualify."
If you can answer 'yes' to the following three questions, it's likely that your company is eligible for R&D Tax Credits.
- Are you a UK Company or UK Branch that is registered for Corporation Tax?
- Are you faced with projects that contain uncertainties & unknowns of a technological nature?
- Have you incurred wage costs, agency costs, sub-contract costs or software costs in any of these projects?
Obviously, these criteria cover plenty of UK mobile games developers, so in order to help them take advantage of this scheme, we've launched the latest PocketGamer.biz Briefing: 'How to make an optimised R&D Tax Credit claim.'
Prepared by the experts at Myriad Associates, the briefing offers a practical five-step guide to submitting your claim. And best of all, it's free of charge.
You can grab the PDF right here. It contains everything you need to get started, and includes contact links for the team at Myriad, so you can find support if you need it.