The claims process
We have a vast amount of experience in advising and assisting companies to make successful R&D claims and aim to make the claim process as painless as possible.
Each claim may be different and we will be flexible with our approach, but the process for a full claim preparation is generally as follows:
- Initial meeting to discuss the company’s activities and the nature of its expenditure. This will include information gathering and following this we may be able to estimate the size of the potential claim;
- Analysis of SME status (if relevant). Often a company’s status is fairly straightforward but in some cases additional, and more complex, analysis may be required;
- More detailed information gathering. This can take as much or as little of your time as you like, depending on the level of service required. We use methodologies to make the process as lightweight, straightforward and most importantly as transparent as possible. The information gathering process will include: discussing the company’s activities in more detail with a representative(s) of the R&D team, as appropriate, and gathering and analysing financial information in order to map the R&D activity to the relevant costs.
- Knowledge transfer. During the claims process we will educate the relevant people from your business in the R&D Relief claim process and make the project as transparent as possible. This means that, should you wish to bring some or all of the claims process in-house in future years, you will be better equipped to do so.
- Finalise and submit the R&D claim to Her Majesty's Revenue and Customs (HM Revenue and Customs or HMRC) is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support and the administration of other regulatory regimes including the national minimum wage..... We prepare a report which outlines the company’s background, the activities on which the R&D claim is based, how the qualifying expenditure has been calculated and the size of the final claim. Please note that the statutory claim mechanism is to include the R&D claim in the corporation tax computation and this will need to accompany our report.
- Receive cash benefit. You will receive cash back from HMRC (for loss making companies) or a cash benefit through a reduction in your corporation tax bill (for profit making companies).
- Embed the methodology for future years, where required.
For more information, or to arrange a meeting, contact Gillian Abramson on 0113 261 1706.