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As well as the devastating loss of loved ones, COVID-19 has led to a fall in the value of assets, which may lead to excessive Inheritance Tax (IHT) liabilities. … Read more
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enquiries@buzzacott.co.uk T +44 (0)20 7556 1200
Pushing through a breakthrough or advance can be a real grind. You need all the help you can get. Gaining R&D tax credits can help keep business ticking over while you focus on growing the company.
Many businesses claim research and development tax relief and it can be an essential source of much needed cash. However, we find that many of them are unaware what projects and expenditure types are eligible; and we also see mistakes in claims. As a result, your claim may be missing expenditure that could rightfully be claimed, or it may include costs that aren’t qualifying, which could mean risking an HMRC enquiry into your claim.
We take time to listen to your business to understand the goal you’re trying to achieve with your innovation, so we can help you overcome problems and challenges along the way. By being open and honest, we aren’t afraid to challenge our clients to make sure that the claim is correct and you’ve optimised the benefit. We want to help you understand your eligible activities, without holding you up, so you know how to build a robust R&D claim. Ultimately the claim is the responsibility of your business.
Take a look at our benefits guide to find out what savings you could make by submitting an R&D tax relief claim.
Making a successful claim takes a nose for detail. When you work with our dedicated R&D tax credits team, you can count on that. We know exactly what HMRC want to know. By working with them on complex claims and staying up to date with HMRC policy communications, we understand the information HMRC need and more importantly why they need it. With our support, you can be sure to share exactly the right details to satisfy their requirements.
Whatever experience you have of preparing a research & development tax relief claim, without specialist advice the process can be difficult. However, we understand that many advisers offer extensive contracts with high fees that make you second guess whether it’s worth claiming in the first place. We can provide you with advice tailored specifically to your requirements, saving you from paying for any extra unnecessary costs.
Whether you’re looking to fully outsource the process, seeking advice on how to improve your claims, or even looking to train up your staff to prepare claims in-house, our team of R&D experts will ensure that your claims are maximised to contain every last bit of eligible activity. You focus on innovating; we’ll focus on getting you the benefit you deserve.
Finding yourself at the heart of a HMRC enquiry can be a fright, disruptive and costly. If you’ve received an enquiry letter you might be facing months of correspondence and a delay in the credit being paid to you. Worst case scenario, HMRC could reduce the claim value or even issue penalties for a poorly prepared claim. With a bit of support the complex enquiry process can be less daunting and time-consuming.
We understand what HMRC are looking for in their requests and will guide you through the process calmly, providing realistic advice on what you need to do and when. If there are errors in your claim, we’ll work with our tax investigations team to correct them.
If you’re a small business and haven’t yet submitted a research & development tax relief claim, you’re likely to be eligible for Advance Assurance. This is a new initiative from HMRC intended to simplify the complex R&D tax credits scheme, meaning that any claim you submit within your first three accounting periods will be accepted be HMRC.
Our 15 years’ experience of claim submissions makes us the perfect partner to support you with SME status analysis, in-house training and a review of your application. We’ll ensure that you get your advance assurance submission to HMRC right.
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Iain Butler
4 March 2021
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