Getting the Best Returns From Your R&D Tax Credits Claim
The overt complications of paperwork and the filing of it are the usual barriers to claiming R&D tax credits. For individuals running their own businesses and developing them, they may neither have the time or resources to complete the process in the best possible way.
With time and resources at a premium, having a dedicated ecosystem that makes the process of claiming tax relief streamlined is a definite positive. Required documentation and accounts are usually best organised in a simple and efficieint interface.
Ventures looking to apply for R&D tax credits but are reluctant to go through the process can have look through our collection of tutorials and intructions to gain further perspective on the benefits of going through the claim process.
We've made several upgrades to the Tax Cloud platform to provide users with extra support by staying in touch with our team of specialists and technical consultants at no extra costs.
Understand the R&D projects that your company is involved in
To make the entire claim process easier, we suggest starting from the bottom up, being thorough and ensuring you understand everything about your different R&D projects. Do this by identifying the different activities that are involved and understanding the qualifying costs that go along with them.
To make things even more easy to understand, why not make use of an online service? Here you will be able to find all the necessary forms you will be required to fill out and our team of specialist consultants will be able to guide you through the entire process, ensuring your claim has everything it needs to be successful.
Identify key contributors early on
If you are carrying out a large research project that involves, say, 100 employees, we suggest pinpointing who the main scientific and technical staff involved are early on. They may be aware of details that you could miss and could help to identify extra costs that you could be claiming for.
Ensure you are producing contracts when necessary
If you are relying on subcontractors to carry out work for you, you will need to make sure that you are filling out the appropriate contracts. While HMRC do not ask specifically for contracts in every case, if an enquiry arises you may be required to show them exactly where every single penny for R&D was spent.
Keep your claim simple
While the R&D you are involved in may be clear to you, you need to make sure that it translates well to HMRC. If they fail to understand your claim, you risk them carrying out an enquiry. Make sure that your claim covers all the complexities of your project but in a simple and understandable way. We suggest avoiding using too much jargon and beginning to work on your claim at the start of the project. This way you be sure you are also really clear about the R&D you are involved in so you can make your writing concise.
- Submitting R&D tax claims since 2001
- 100% success rate
- Over £100m claimed and counting
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- In-house technical, costing and tax experts
- Member of the Research and Development Consultative (RDCC) committee
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