Claiming R&D Tax Credits Process
Where do we start?
When you’re considering making an R&D claim, typically, your first questions may include ‘How much could I receive as a relief?’ or ‘Is it worth it?’. So, before we get too involved in claim preparation, it’s important to learn about your business, both technically and financially. We will look at the scale of the opportunity, and whether preparing and submitting a claim will be of value to you.
Often, our factfinding session only requires a short meeting or a telephone call. This is an important filtering stage to ensure that we are able to give you a realistic view of what, if any, potential benefit could be realised.
What Comes Next?
If there’s a realistic and beneficial opportunity to submit a claim, the next step is data gathering. We will collaborate with you, as the claiming company, but we also recognise that you have a business to run. Therefore, we will minimise any disruption to your business operations.
As businesses often have differing systems and approaches to data collection, we take the time to understand your processes and to use as much existing data as possible. As a result, this ensures that we can gather the right data to suit your specific situation and claim.
Understandably, this part of the process requires the most support from your technical personnel. Our approach has been developed to screen projects early in the process to ensure that we are able to focus on the most promising prospects. Experience has taught us that often the most effective way to check whether a project is eligible is through a series of targeted questions. This allows us to gain a full understanding of R&D within your business.
Along with data gathering, we endeavour to be flexible and work with you to find the most practical and time-effective approach to completing the review. We’ve found workshops, conference calls, one-to-one meetings or questionnaires can be successful methods for this purpose.
Submitting the Claim
Once we have completed our review, we will document how the claim was prepared and the overall level of eligibility that has been identified. We will also provide supporting information to sit alongside your application for an R&D Tax Credit. Typically, this might include a report for submission to HMRC and the supporting background information, including data gathering and calculations. You would then file the claim, either as part of your annual tax return or as an amendment.