When it comes to any company looking for an R&D tax incentive, how many times in a given week are they getting phone calls from multiple R&D tax credit specialists making mention “we are the best and can help you?” The feedback I continue to receive from my clientele is that they find it annoying.
For those Companies that are claiming internally, I am almost positive these phone calls annoy you more so. However may I request that you ask yourself “what is the value of hiring a professional firm when I can do this on my own”?
You have your reasons I am sure whether it comes to the cost of the service or a bad experience you had with another so called “specialist”.
My response to the above questions is as follows:
- What are the number of hours it takes you and/or your staff to complete your R&D claims?
- Are you up to speed with the new changes of the R&D programme? Such as the claim documentation requirements and the new PAYE rules?
- Are you 100% positive you are claiming everything you are entitled to? Or even worse, are you claiming costs that you should not be claiming?
- What is your confidence level should an HMRC enquiry take place?
- Do you know what changes HMRC are likely to make in 2023?
If the answer to any one of these questions is “no”?. My advice is to consider hiring a specialist, such as RDP Associates (RDP). Time is money and when it comes to your time. We would take no more than 2 to 3 short meetings to complete the R&D claim. If the situation arises where HMRC looks into your claim, it is part of our service to defend the claim in order to receive the R&D tax incentive. More importantly, since we are an international company, we work with other countries’ mature R&D tax incentive programmes and see history repeating itself in the UK:
Another incentive for you to consider hiring an R&D specialist is to avoid inadvertently submitting a fraudulent claim(s)
Recently, HMRC released a statistic making mention that they stopped approximately £300 million in fraudulent claim submissions. This is one of the reasons they have and will continue to make changes to the claim submission process which will include documentation requirements.
A 3rd Incentive
A few of our clients, that were initially claiming internally, realized that they were spending too much time working on their R&D claim. Thereby taking away key staff’s time from doing what they were hiring to do. Then as a result, the growth of these companies took longer. They were also leaving somewhere between 25% to 40% of eligible R&D costs on the table. In other cases, R&D claims were submitted to HMRC. Where enquiries subsequently took place and, in one particular case, took over a year to resolve.
Still have doubts? We offer a complementary service to assess and review your most recent R&D claim. This will confirm if it is done properly and also to ensure it is maximised.
Contact us here for a consultation