greetgreew
New member
Hard to put title into words given the text limit.
Firstly been working on my startup since October 2022 when I got approved for a Innovate UK smart grant funding and was making good progress until April 2023, when the main loan provider hit a snag and wanted to pull out and asked me to repay their full loan + interest back to them.
Due to the pause, other costs I was paying to other businesses as part of the smart grant, also stopped, and since April I've been paying off a large portion of the loan but I've exhausted all other options to obtain revenue to pay off the remaining debt & will have to close the business.
I've also come to terms that I'll be closing the business down, but I know that project won't end because of the knowledge I've gain during the project timeframe etc.
The problem I have is, I've just put through an R & D Tax credit claim and am in the process of claiming my final claim for Innovate UK (I'm allowed to claim for 1 month before the termination date)
However in order to process that claim I need to get an audit done on the project (1 was also done on my 1st claim).
With the company that loaned me the initial money being priority I'm faced with a dilemma, when I get the IUK claimed cost / R & D tax credit claimed cost back into my account funds.
Do I:
A) Pay off the costs to the relevant companies that did those services e.g. pay the company that did the R & D tax claim / Audit - Which results in less money paid to the Loan company creditor.
B ) Focus on prioritising the loan company creditor & pay the full amounts of both claims directly to them and add the 2 companies that did my claims to the list of creditors, knowing full well they won't be getting their money back.
Firstly been working on my startup since October 2022 when I got approved for a Innovate UK smart grant funding and was making good progress until April 2023, when the main loan provider hit a snag and wanted to pull out and asked me to repay their full loan + interest back to them.
Due to the pause, other costs I was paying to other businesses as part of the smart grant, also stopped, and since April I've been paying off a large portion of the loan but I've exhausted all other options to obtain revenue to pay off the remaining debt & will have to close the business.
I've also come to terms that I'll be closing the business down, but I know that project won't end because of the knowledge I've gain during the project timeframe etc.
The problem I have is, I've just put through an R & D Tax credit claim and am in the process of claiming my final claim for Innovate UK (I'm allowed to claim for 1 month before the termination date)
However in order to process that claim I need to get an audit done on the project (1 was also done on my 1st claim).
With the company that loaned me the initial money being priority I'm faced with a dilemma, when I get the IUK claimed cost / R & D tax credit claimed cost back into my account funds.
Do I:
A) Pay off the costs to the relevant companies that did those services e.g. pay the company that did the R & D tax claim / Audit - Which results in less money paid to the Loan company creditor.
B ) Focus on prioritising the loan company creditor & pay the full amounts of both claims directly to them and add the 2 companies that did my claims to the list of creditors, knowing full well they won't be getting their money back.