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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
Product
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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