1. Assess your present adviser’s experience of the tax industry
The starting point is to determine a tax adviser’s tax qualifications and experience. Are they chartered tax advisers? Does a “specialist” service provider ask you what you believe is eligible? Does the provider prepare the supporting documentation? Should an enquiry result, do the services involve defending the claim? If your answer to one of these questions is no, HMRC expects R&D tax advisers to know the tax legislation, so ensure your adviser is proficient on tax law on your behalf.
2. What industry experience do they have?
R&D tax credits are about applying the tax rules to your specific industry. It is worth confirming that the advisers you choose have technology professionals who can advise eligibility at a project level in order to understand and also communicate to you the eligibility criteria.
If you work within a particularly unique industry, it is important to think about how a tax adviser will be able to recognize and advise the technological advances being sought in addition to asking the right questions to confirm uncertainties also existed within a given project(s). The question you have to ask yourself is, “does this provider understand what my company does”?
3. What process will your adviser follow?
Find out exactly what your prospective advisers will do. A comprehensive service that maximises the chance of getting the claim right, and minimises the work you have to do, will probably look like this: A meeting with you; a site visit to witness your R&D or prototype; preparation of the claim to ensure every R&D expenditure is claimed; an inbuilt quality assurance stage; review of the claim documentation by you and submission of the claim. A great service provider may also carry out this process remotely as the technology professionals that are facilitating the claim process need to have the expertise to understand what a company does.
If you are spending money developing new or improved products, processes or services, you are eligible for R&D tax relief. The scope for identifying R&D activities is huge – in fact, it exists in every single sector. And if you are making a claim for the first time, you have the ability to claim R&D tax relief for your last two completed accounting periods.
The companies we work with have received immense value from our engagement and our claim process, the Innovation Connection Programme (ICP). We help you to accelerate growth, maximise claims, minimise the time and stress of your staff and have all arguments prepared for any HMRC enquiry.
For the last 30 years, we have supported companies worldwide with innovation through R&D tax credits and government funding. Irrespective of your size or industry, we are committed to ensuring that your claim is maximised, and you are in the best position to thrive to reinvent the benefits received back into your company.
To book your free consultation with us, click here https://rdpassociates.co.uk/contact/