The key steps in the R&D claim process and how RandDTax can help you, every step of the way.
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Here are the 5 steps in our claim process.
1. Initial Qualification
Identify the scope of the R & D tax credits claim and any specific issues which impact the claim e.g. a qualifying project with qualifying costs, and which scheme to claim under? What are the deadlines? Rough assessment of the benefit and outline of the detailed process below.
2. Project Narratives
Establish the baseline from where the advance in knowledge or capability in a field of science or technology is sought. Describe the advance. Describe the scientific and/or technological uncertainties, and how they were overcome or how the resolution was attempted. Failed projects can qualify for R & D Tax credits – the advance does not have to be achieved to claim R & D tax credits.
3. Cost Gathering
Eligible costs are those that relate to the activity of resolving technological uncertainty, both directly and for some costs indirectly, the cost types that can be claimed are defined by legislation.
4. Benefit calculation & claim filing
Internal compliance check. Then the accountancy handling of the claim, including filing the claim correctly with supporting information.