Have I under claimed for my R and D tax relief?
Date: 12th March 2013
R&D Tax Credit specialists see it all the time. One line in the tax computations for £20K or so. No justification and no real understanding of what costs qualify…….
A correctly prepared claim requires a technical analysis of your business and how you’ve stayed competitive over the past two years. It’s not about rocket science but rather about identifying the qualifying advances in your products or services.
Under claimed R&D tax credits can be easily rectified.
Once your R&D Tax Credit specialist has helped you to identify these and prepared a Technical Justification, then it’s down to interpreting and applying correctly the HMRC regulations.
Maximising your claim is about submitting a strong Technical Justification and applying the rules to correctly compute all the qualifying costs.
It takes time, experience and technical expertise. The reward is receiving a significant additional rebate and that’s what you ultimately pay for……
How can I check if I’m underclaiming?
A good R&D Tax Credit specialist can identify and readily scope out the correct order of your claim and, there really shouldn’t be any charge at all for this service.
How long does it take to reclaim?
Faster than you may think. HMRC will usually send you the approved rebate within 28 days.
….and the cost of successfully claiming?
For a new claim, look for a competitive rate and make sure that you are not pressured to use an expensive external Tax Accountant. (Your own Accountant is more than qualified to deal with your claim once a Technical Justification is prepared)
For a revised claim, the rate may be higher but should only be calculated on the extra sum achieved and certainly no more than 20%.