If you think your business isn’t eligible to claim R&D Tax Credits, it’s always worth getting a second opinion from a specialist who may be able to identify areas of your work that qualify.
The team at R&D Funding Group regularly speak to businesses who have drawn their own conclusions that they cannot claim R&D Tax Credits or have been advised by an accountant or business consultant that their activities do not meet the criteria. We have found many cases where this has proven incorrect where companies have been missing out on the valuable tax incentives they are entitled to.
R&D Tax Credits are a tax relief designed to encourage businesses to innovate. Any company that is developing new products, processes, devices or services, or is working to improve existing ones, may be eligible to claim. There are a wide range of activities and associated costs that can be attributed to a claim and the key to a successful claim is in the identification and justification of these. This is where working with a specialist can make a real difference.
What can be a problem is that everyone dealing with R&D Tax Credits now claims to be a specialist. It’s important to remember that not all ‘specialists’ are the same and to check the credentials of anyone you consider engaging to handle the work for you.
True specialists will have expertise in R&D Tax Credits backed by industry, technical and accountancy skills and experience. It is this unique combination that ensures the claims they prepare are often up to 3 times higher than those prepared in-house or by non-specialists. They are able to identify all areas of work that qualify and compose technical reports which provide sound supporting evidence; capturing all the information HMRC require to validate a claim. With a thorough understanding of the rules and how to apply them, specialists will ensure that nothing is missed but also that you only claim for what is eligible.
However you may have determined you aren’t eligible to claim, unless you’ve spoken to a specialist it is worth getting a second opinion. If a specialist does draw the same conclusion then review the situation on an annual basis in case your circumstances or the regulations change. R&D Tax Credits can be a valuable source of cash flow and innovation funding so make sure your business doesn’t miss out.