R&D tax credits are an incentive designed by the Government to reward innovative companies who spend money on developing new products, processes, or services; or enhancing existing ones.
R&D for tax purposes takes place when a project seeks to achieve an advance in science or technology, appreciably improving on the current state of the art.
Our team develops your claim alongside your technical and finance staff to maximise your potential claim value. From working with hundreds of start-ups to blue-chip multinational companies, we can quickly and accurately identify what HMRC class as eligible Research and Development.
Our team needs to get the scope of the Research and Development invested in over the past few years. We examine R&D Tax Credits using an ‘Innovation Lens’ as opposed to a ‘Tax Lens’. This can include a wider range of activities that will be eligible, in accordance with HMRC’s guidelines.
Using our experience of translating technical innovation, we’ll work with your technical team to gather information on the development work undertaken. Then, we’ll formulate a technical description of the relevant year’s development, justifying expenditure and highlighting the progress made.
At this stage, we need evidence to back up the technical information. Our team will liaise with your Finance Director and Accountant to gather the required financial information to prepare the R&D Tax Credit financial calculations. Eligible costs include wages, software, consumables, clinical trial volunteers and subcontractors.
To ensure the claim meets the requirements of your business, you are able to review the technical report with your accountant. Your accountant will then be able to submit the final claim as your registered tax agent and trusted advisor
In the rare event that a claim is challenged by HMRC, we’ve got your back. Our team will continue working with your technical and finance teams, making every effort to provide the appropriate justification for the claim to satisfy the governing body.
