mca group

R&D Tax Credits – one size doesn’t fit all

In recent weeks we’ve seen several initiatives aimed at making R&D tax credit claims an online DIY job. We’re all for streamlining processes, but R&D isn’t something that can be fully-automated or dabbled in by non-experts.

The key elements to a successful R&D claim include:
➢ Understanding the science, technology, and innovation
➢ Asking probing questions
➢ Capturing all the relevant costs
➢ Making carefully considered judgements and apportionments/allocations of costs where necessary
➢ Writing a comprehensive, but understandable support, accompanied by illustrations and examples
➢ Ensuring that the claim is treated correctly in the tax computation.

There is no automated process that can do all of this.

What if the claim is deemed by HMRC to be incorrect? The company faces potential substantial penalties and interest on late paid tax. It will increase its profile with HMRC. It will take up valuable management time and incur high professional fees to help sort it out.

Working with the right advisors need not be time-consuming and costly. Typically, we can complete a full first R&D claim with less than two hours’ management time involvement. It will inevitably take you a lot more time than that to get to grips with the software.

If you’ve already made a claim, we are happy to review it. We will only charge a fee if we identify further amounts that can be claimed. If you haven’t yet made a claim, we can help you to assess whether a claim is possible and then manage the process to put it together. Even with our hands-on, personal approach, we typically charge less than our competitors.

And finally, the specialist R&D team here at mca group is led by a former PhD research scientist and leading expert in the field of tax credits.

Now there’s Innovation!