R&D Relief Schedule 12 or 20?

R&D Relief Schedule 12 or 20?

Didn't find your answer?

In the Ftax profits worksheet I can enter R&D relief but is it against schedule 12 or 20? I am an SME

The two boxes are

- Additional deduction for qualifying R&D expenditure Schedule 12

- Additional deduction for qualifying R&D expenditure Schedule 20

I'm using this sheet so I can hopefully output the iXBRL computations.

Many Thanks, Richard

Replies (5)

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By User deleted
12th Jan 2015 18:25

For starters ...

... I think Ftax need to update their legislative referencing. Secondly, and risking incurring the wrath of Rachael, I suggest that you need to provide better quality information.

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By Portia Nina Levin
12th Jan 2015 18:34

We played this game on New Year's Eve

Are you a company?

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By richardjd
12th Jan 2015 20:14

 

 

Cart before the Horse I think, I could provide lots of irrelevant information, perhaps when I was born, my favourite pet etc. I require to understand the difference between the two and therefore ascertain which I should use. Given there is a difference between "small" and "large" relief I mentioned that I am an SME. If it is to do with an updated Schedule, I am applying the accounting period is for July 2013 - 2014.

 

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By richardjd
12th Jan 2015 20:18

After a good search of not finding anything this afternoon I found:

"Schedule 20 to Finance Act 2000 provides for tax relief for companies that are small or medium enterprises (SMEs) undertaking qualifying R&D activities. Schedule 12 to Finance Act 2002 provides for tax relief to large companies undertaking qualifying R&D activities."

So it is to do with whether your an SME or Large Company.

Since I said I'm an SME I'll take credit in knowing the quality of the information was sound ;nD

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By User deleted
13th Jan 2015 09:28

Good for you

If you're happy that you've provided enough information to yourself in order to arrive at what you think is the right answer by yourself, that's splendid. But rest assured that there is insufficient information in your question to allow anyone but yourself to give the correct answer. The rest of us would just be guessing.

BTW, the legislation that you refer to was superseded long before July 2013.

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