Like many other companies, if you assume that making R and D claims is simple and easy, you’re wrong. R and D claims are highly lucrative but are pretty complicated to understand, especially if you’re claiming for the first time. Many companies make R and D claims while believing this and miss out on many credits they deserve. Of course, you can claim your R&D tax relief by yourself, but it may involve many risks like losing out on R&D tax credits and HMRC enquiry, resulting in a penalty or reduction in your claim.
This blog will explain why claiming with R&D tax consultants is a better option.
Why should you choose an R&D tax consultant for R and D claims?
An experienced R&D tax consultant will make your R and D claims hassle-free and assist you with their advice, helping you understand complicated eligibility criteria and claim guidelines. HMRC has set comprehensive eligibility criteria and demands a detailed technical narrative that is not as simple as filing a company’s tax returns. Claiming through your company’s accountant may involve risks. As mentioned above, preparing a strong technical narrative and robust claim with precise calculations requires expertise and experience dealing with R and D claims.
• Experience & Competence
You or your company’s accountant might have little understanding of R and D claims, but this is a highly complex area and requires more knowledge and experience to claim successfully. Seeking help from an R&D tax consultant can save you from missing out on a significant amount of R&D tax credits. R&D tax consultants are highly experienced in preparing R and D claims for companies from all domains. Selecting an R&D tax consultant from a trusted consulting firm might seem a more expensive option than opting for an accountant. Still, it is a much more cost-efficient method in the long run as R&D tax consultants use their competence and expertise to maximise your claim providing you with R&D incentives beyond your expectations. They guide you throughout the process and claim R&D tax relief on your behalf only with your little input.
• Track down eligible R&D projects
Most companies under claim or do not claim at all because they are unclear about which project qualifies for the claim. An experienced R&D tax consultant can effortlessly hunt down all the eligible R&D projects. Whether you are doing lab-based research and development or improving some services, you might be undertaking many qualifying R&D projects. R&D tax consultants capture all the qualifying projects in the businesses regardless of their domain.
• Expert in capturing eligible expenditure
As per HMRC guidelines, there’s a long list of qualifying expenditures like Staff wages, cost of material and consumables, subcontractors’ costs, software expenditure etc. But understanding all the technicalities of eligible expenditure is not as simple, as HMRC is particular about what you can claim for. Therefore, you’re prone to make errors in the calculations, resulting in missing out on a huge amount of credits. R&D tax consultants have a profound understanding of eligibility criteria set by HMRC and acquired skills to grasp all the eligible costs to prepare maximised claim for you.
• Save time & mitigate risks
Preparation and submission of R and D claims by yourself can involve hours of effort, and if you don’t have a thorough knowledge of HMRC guidelines, you are most likely to make errors in your claim. Putting together a streamlined and successful R and D claim requires expertise. If you don’t want to waste your hours of effort on preparing a claim that can be prepared in a better way just with your few hours of input, all you should do is find a trusted R&D tax consultant. This will let you focus on your business, and the consultant will find all the eligible expenditures, tailor a strong R&D report, and submit it to HMRC on your behalf. The R&D team thoroughly reviews every claim produced by R&D tax consultants to mitigate the chances of errors.
• Fully Compliant claims
R&D tax consultants have a deep understanding of HMRC guidelines. Otherwise, these technicalities involved in R and D claims are often very complex to understand. Also, the R&D tax consultant has experience in dealing with HMRC many times, making them experts in creating fully compliant R&D tax relief claims. Consultants use their knowledge and proficiency to prepare strong technical narratives according to HMRC guidelines, so you don’t have to face any risk of enquiry or reduction in a claim.
Claiming with R&D tax consultants can significantly increase your chances of successful claims. If you are looking for experienced and adroit R&D tax specialists, contact Square Finance. Our team of R&D tax consultants have experience in tailoring streamlined R&D claims.