With a rise in fraudulent R&D claims HMRC are now increasing their resources to investigate more claims. Given the higher level of scrutiny you may be considering using an R&D specialist to prepare your clients’ claims.
Given the reputation of R&D firms you may be reluctant to engage with them. However, like any profession the bad reviews are always the ones that we hear about, and they should not be considered as representative of the industry as a whole.
Provided you choose a reputable, regulated adviser the benefit to your firm, and your clients will soon be evident.
Technical Expertise
Many R&D firms have a range of sector specialists, who have come from a technical background. These specialists can understand the technical aspects of your client’s claim, ensuring that all qualifying projects are included within the claim. By understanding the technicalities of your client’s work an R&D adviser should produce a maximised, yet robust claim.
The sector specialists can also take the technical language used by your client and write the R&D report in a way HMRC will understand. This will ensure the technical report describes the projects in such a way that demonstrates how they qualify for R&D.
As R&D advisers focus solely on R&D tax relief they will have considerable experience of preparing claims, and have an in depth knowledge of the legislation and guidance.
Saving You Time
A good R&D adviser will deal with all aspects of the claim preparation process. They will meet with the client to discuss the projects they have undertaken and write up the technical report. The adviser will provide training and guidance in respect of qualifying cost categories, to aid client calculation of their relevant R&D expenditure.
The claim preparation should not be a time consuming process for you. The only information you may be asked for is a copy of the accounts, corporation tax return and payroll records.
Building Better Client Relationships
Partnering with an R&D adviser may highlight clients who have not previously made a claim. In being able to discuss R&D with these clients you will be seen as proactive, and you will become your client’s first choice for advice on future issues and transactions.
With an ever increasing number of ‘pop-up’ advisory firms inundating your client with sales calls they may be tempted to use their services. These firms are not regulated and tend to disappear as soon as the inevitable HMRC enquiry letter arrives. By partnering with an R&D adviser, who is regulated by an appropriate professional body such as CAI, ICAEW or CIOT, you can ensure your clients are receiving a professional, high quality service.
Contact us on 028 9040 6295 to discuss how we can help you and your client’s business.