Research and Development Tax Credits: Claim Process
Identify eligible projects
Prepare technical report
Analyse project costs
Liaise with HMRC
Client review & approval
Submission to HMRC
HMRC approval & payment
Client Review & Approval
Prepare "Costs & Claim Presentation Booklet" for client review & approval
Details of individual projects and associated costs are prepared and generated in the form of a concise R&D Tax Relief/Credit booklet. This booklet has been designed specifically following liaison with HMRC units and incorporates detailed technical reports on each project undertaken and provides supporting evidence of eligible costs incurred during a specific financial year.
The booklet provides information on the company’s:
- Profit before tax
- Eligible costs
- Levels of enhanced expenditure
- Whether the claim is under a Large Company Scheme or SME Scheme
Due to the confidential nature of the information contained in the booklet, it is only presented to the directors of the company for review.
Upon approval the full report is signed off by the company before submission to their accountants for inclusion into the company’s corporation tax computations. We then liaise with the company accountants to ensure that all documents are prepared correctly before submission to HMRC.
HMRC's approach to enquiries once a claim has been submitted today is generally very constructive - it usually involves face to face meetings and visiting the company, rather than lengthy drawn out written communications. Our approach pre-empts any queries before the claim is actually submitted, so the right information can be presented with the tax return on a timely basis, generally enabling an agreement within 30 days of submission.
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