Accountants – what are the benefits of working with an R&D tax credit advisory firm?

What do you want from an R&D tax credit claim? Of course there is the obvious – maximised value to give your clients the best cash flow opportunities. But what about the cost of getting there?

25 September 2017

Accountants Prospectus

What do you want from an R&D tax credit claim?  Of course there is the obvious – maximised value to give your clients the best cash flow opportunities.  But what about the cost of getting there?

Surely you don’t want to waste vast amounts of your valuable time, because that cost all adds up, which probably means you want to reduce the complexity of the process as much as you possibly can.

You probably don’t want to take unnecessary risks either, the kind that may result in HMRC opening an audit on your claim, which at best will result in wasting even more of your precious time and at worst will result in your claim being denied, leaving you with nothing.

So, how can you ensure that you minimise time, complexity and risk whilst maximising value? 

The answer is to take a technical approach to your R&D tax credit claim.  But, you say, tax credits are a financial business, and right that may be, but because R&D tax credits are determined based on the R&D a company has carried out, the only way to put together a robust, accurate and maximised claim is by looking at the technology behind the claim.

Of course no one knows a company’s technology as well as the company themselves, but in the complicated world of R&D tax credits many businesses are turning to advisory firms to help them put their claims together.

So how can an R&D tax credit advisor with technical expertise raise your claim head and shoulders above the rest?

R&D tax claims originate from many different sectors, from biotechnology to IT to engineering (and everything in between).

The right R&D tax credit advisor will be able to demonstrate expertise in the technology of a vast range of sectors and will have someone with the right level of expertise that can come out to your client’s company, talk to their technical folk and hit the ground running.

Their analysts will have first-hand knowledge of your client's industry, which means that they understand the processes that they must go through as well as the frustrations that they experienced when carrying out projects!

But, most importantly in terms of R&D tax credits, they understand the context in which the technical projects are being carried out, they know what is already out there and can understand the advance your clients are trying to make as well as the problems they are facing in trying to make that happen.

This way they are able to produce supporting documentation clearly showing the eligibility in the project in nice simple terms that HMRC can understand.

Working with an R&D tax relief advisory firm with knowledge and experience equates to a maximised claim for you, with none of the hassle!