Business Tax: How to claim SME R&D Allowance or Expenditure Capitalization
Article ID
business-tax-claim-sme-rd-allowance-or-expenditure-capitalization
Article Name
Business Tax: How to claim SME R&D Allowance or Expenditure Capitalization
Created Date
12th August 2021
Problem
How do you claim SME R&D Allowance or Expenditure Capitalization in IRIS Accountancy Suite Business Tax
Resolution
In IRIS BT a SME R&D Allowance or Expenditure Capitalization is known as ‘R&D Allowance’:
- Select “Capital Allowances”
- Select “A – Maintain Assets”
- Insert or Change an asset
- Tick the box on bottom left – ‘Qualifies as a R&D Allowance’. In the Tax comp under the Trade Profit (loss) section it will appear as a ‘less’ amount value under the title Capital Allowances. This will usually automatically fill in box 725 and 760 on the Tax return (for LTD)
- ‘Qualifies as a R&D Allowance’ tick box will claim the whole capital allowance WDA amount of the asset entered
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