Hi, I have a client who has asked for the EBITDA for the last three financial years, but I am a little confused about the R&D credits they have received.
I am working from the net income, I have added back the interest, depreciation and amortisation.
When it comes to tax, do I add back R&D credits received? my initial feeling is not to.
In one year a profit was made but no tax paid because of the credits received. If I do not add back the tax credits do I still need to add back the tax that would have been payable if there was no R&D credit?
No R&D has been capitalised
Any help is very much appreciated