Find out in advance if you have a potential R&D claim

It can be quite frightening to start spending money on a new idea or to create something innovative. There may well be consultancy costs, staff time and other associated costs. As a company you may be reticent to take the risk and spend the time and money.

You may have heard that HMRC could cover some of the costs through the R&D Tax credit scheme, you may have even been told by an R&D company that they will help you with the claim, but that they are not interested in talking further with you until you are ready to make the claim.

So then what are your options?

-       A good R&D company should be able to identify the likelihood of a successful claim, however they are not ultimately the decisions makers and quite often unfortunately they are just focused on the sale for themselves and not interested in offering wider advice.

-       You can apply for advanced assurance; this is in effect an advance application to HMRC to see if your scheme qualifies.  This can be a lengthy process but gives you the peace of mind when spending money that you will get some of the expenditure back from HMRC

Most importantly take advice from a good accountant and a reputable R&D company

To see if your scheme qualifies contact [email protected]