The reasons for us are the same reasons why you employ any specialist: it saves you time, money and hassle, and gets the job done properly. We have the experience and thorough knowledge of the R&D Tax Credit regulations. However, our consultants also have the skills to treat your financial life holistically and understand how R&D Tax Credits fit in with its broader spectrum.
We aim to get the report for your claim completed in less than 2 weeks.
The HMRC payment times depend on the processing speed of your Corporation Tax Office. However, HMRC do not have a KPI for claims involving tax relief. HMRC’s payment times are generally good, and 4-6 weeks is not untypical. HMRC, in recent years, 2018 & 2019, have not been achieving this and claims have been taking 12-16 weeks to get paid.
As with any number that goes on your tax return, records kept should be as detailed as possible.
However, when you first submit an R&D tax credit claim, there is every chance that you are looking at the whole thing retrospectively as you didn’t necessarily realise you were actually doing R&D at the time. This means that you probably don’t have a record keeping system up and running that specifically provides evidence for the R&D projects.
We can help you build your R&D tax credit case based on your other existing business records as there will most likely be evidence across several other monitoring systems in your company. It may be more difficult to optimise your claim if you are looking at projects from 3 years ago, but not having designated R&D records doesn’t stop you from submitting your claim.
All limited companies can potentially qualify for R&D tax credits.
Yes and it is encouraged. We will provide you with the report that can be passed to your accountant and will form part of the claim to HMRC. We welcome the accountants’ input as they often hold the financial documents needed to fast track claims.
We have numerous accountants who use our services to add value to their clients.
The amount you will receive depends on your company size. SMEs can claim an effective 14-33% on qualifying costs. For large companies, a tax relief credit of effectively 8.8% is available under the Research and Development Expenditure Credit scheme.