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This post puts into nice terms something I have been feeling for a while regarding my own startup. Why spend 40 hours filling out paperwork when I could spend 4
by jbob2000 11y ago
This post puts into nice terms something I have been feeling for a while regarding my own startup. Why spend 40 hours filling out paperwork when I could spend 40 hours developing the product and actually making money? What good is a tax credit if I didn't pay any taxes because I didn't make any money?
- fraserharris 11y agoSR&ED is a tax refund - cash in hand at the end of your taxable year.
- maaku 11y ago"if you did not pay taxes". No income, no taxes, no refund, no cash in hand at the end of the year. Yes if it works anything like the US system you could probably credit that would-be refund towards the following year, or the year after. But is that worth the time away from product when your company needs it the most?
- benjaminfox 11y agoIt's actually a refundable tax credit. You receive it even if you have no income or profit (and paid no taxes).