When it comes to making claims, many of us are put off by the prospect of time consuming forms and paperwork.
This problem is especially daunting when you are managing your own company.
In a world where time is money, the last thing any of us want to be doing is spending hours trawling through documents and legislation, wondering if we’ve ticked the right boxes and said the right things.
If you’re considering applying for an R&D tax credit claim but are reluctant to waste time and engage in a lengthy process, read our tips on how to streamline things and make it a lot easier for yourself.
Still feel like you need a little bit of extra support? An online tool can guide you through the entire process in a cost-effective and innovative way.
Understand the R&D projects that your company is involved in
To make the entire claim process easier, we suggest starting from the bottom up, being thorough and ensuring you understand everything about your different R&D projects. Do this by identifying the different activities that are involved and understanding the qualifying costs that go along with them.
To make things even more easy to understand, why not make use of an online service? Here you will be able to find all the necessary forms you will be required to fill out and our team of specialist consultants will be able to guide you through the entire process, ensuring your claim has everything it needs to be successful.
Identify key contributors early on
If you are carrying out a large research project that involves, say, 100 employees, we suggest pinpointing who the main scientific and technical staff involved are early on. They may be aware of details that you could miss and could help to identify extra costs that you could be claiming for.
Ensure you are producing contracts when necessary
If you are relying on subcontractors to carry out work for you, you will need to make sure that you are filling out the appropriate contracts. While HMRC do not ask specifically for contracts in every case, if an enquiry arises you may be required to show them exactly where every single penny for R&D was spent.
Keep your claim simple
While the R&D you are involved in may be clear to you, you need to make sure that it translates well to HMRC. If they fail to understand your claim, you risk them carrying out an enquiry. Make sure that your claim covers all the complexities of your project but in a simple and understandable way. We suggest avoiding using too much jargon and beginning to work on your claim at the start of the project. This way you be sure you are also really clear about the R&D you are involved in so you can make your writing concise.