Click here to access the Tax Credit section within the Budgeto app
A tax credit is a tax incentive which allows your company to subtract the amount of the credit from the total you owe the state.
Press on the ADD button at the top of the screen to add a TAX CREDIT.
1- NAME OF TAX CREDIT: This is the full name of the tax credit.
IMPORTANT This name can not be changed. This credit is the calculation for SR&ED (Scientific Research and Experimental Development Tax Credit Program) and can not be use for nothing else. However, it is possible to model other tax credits in the grants section.
Click here to access the Grants section
2- TYPE OF COMPANY: This is the type of company your business is recognized as (Individual, unincorporated, SME, Large company, Other company).
3- COLLECTION PERIOD: This is the total amount of months for the tax credit collection period.
4- STARTING IN: This is the first month when the tax credit is used.
5- ENDING MONTH: This is the last month when the tax credit is used.
6- PAYMENT FREQUENCY: This is the frequency for filling reporting documentation (bimonthly, monthly, quarterly, biannually, annually). For example, if the tax credit program requires that you file reports every 3 months, the payment frequency is quarterly.
7- SAVE: To save the entry.
8- CHECK BOX: Select which category your tax credit is related to. You can apply your tax credit to:
9- ELIGIBLE %: This is the % eligible to the tax credit.
10- FROM: This is the first month of eligibility of the employer / expense to the tax credit:
11- UNTIL: This is the last month of eligibility of the employer / expense to the tax credit:
Don't forget to press on SAVE (STEP 7) to save the entry.
IMPORTANT Don't forget to press on SAVE once you are done.
Related Articles (Please refer to the links below)
- How to enter lines of credit
- How to enter debts
- How to enter share capital (equity)
- How to enter grants