For over 35 years RDP has been continuously improving its methodology in preparing R&D tax credit claims. Nonetheless as technology and R&D tax relief rules change, so do our services and ongoing process. The Innovation Connection Program (“ICP”) is RDP’s signature platform which allows of our clients to maximise their R&D tax credit claims.
So, what is RDP’s Innovation Connection Programme?
- Our ICP identifies and captures all qualifying R&D projects, activities and costs in real-time throughout the fiscal period.
RDP’s process reduces the work that your staff would normally spend time on preparing the R&D tax credit claim. This frees up time for your staff to concentrate their efforts on their areas of expertise and contribute more to your company’s productivity and profitability.
These 5 steps will help any company manage and capture their R&D work more efficiently. Plus limiting your time when it comes to documenting all activities and costs. It should take around 15 minutes per month to capture everything that’s required.
Step 1 – Kick-off Meeting:
- Identify potential R&D projects, review any existing documentation and work on R&D project list.
Step 2 – Documentation Plan
- RDP develops a plan to implement our ICP by pinpointing gaps in the existing system to identify and track R&D work. Once prepared, RDP will discuss all recommendations, make any adjustments, and agree to implement the ICP with you.
Step 3 – Implementation:
- RDP implements the plan by installing templates and trains key staff on the procedures to be followed, keeping in mind any employee involvement is minimised. Together RDP will work with the client on the first quarter to identify and document R&D work using the ICP process.
Step 4 – Quarterly Reviews:
- After the client is comfortable with the process, they issue any new documentation to RDP for review every 3 months.
Step 5 – Claim Completion
- Prior to filing the claim, RDP will complete our “Maximiser Checklist” with the client to make sure we have captured all projects, costs, and activities. We ensure the client is 100% confident that all R&D work has been claimed and also review the final R&D report to be filed with the R&D tax credit claim. We then submit the claim to HMRC in line within the client’s deadline.
The benefits of RDP’s ICP are:
- The ability to file the R&D claim right after year-end to get the refund/tax benefit faster.
- All R&D is captured as it occurs, so nothing is missed or forgotten, and the R&D claim is maximised.
- It is easier for the client to remember details from the past 3-months versus 1-2 years ago.
- Full support is provided when HMRC asks for contemporaneous documentation.
- It is easy to use as we customised it to our client’s needs.
- You are less likely to be queried by HMRC but better prepared, if selected.
RDP helps you to accelerate growth, maximise R&D claims, minimise the time and stress of your staff and have all documentation prepared for any HMRC enquiry. So, to find out more about RDP’s ICP, contact us today on 0208 214 1341 or email [email protected].