Recent policy changes and increased compliance checks by HMRC have made the R&D tax claim process more intricate. Having R&D experts on your side is essential to minimise the risk of HMRC inquiries, prevent loss of R&D tax refunds, and ensure you receive the maximum relief possible.
MP John Baron recently raised concerns about R&D Tax Credit compliance checks, questioning whether HMRC’s approach might hinder economic growth and innovation. Jim Harra, HMRC Chief, explained that their focus on preventing fraud sometimes impacts companies that qualify for relief but lack robust reports, proper filing practices, or claims strong enough to hold their own against HMRC scrutiny.
In the words of Harra, “Expertise is a real challenge in R&D.” Many CEOs have experienced frustrating interactions with HMRC due to the lack of specialised knowledge among tax inspectors. Legitimate claimants often receive generic responses that fail to address the technical nuances of their R&D submissions.
HMRC’s proposed Expert Advisory Panel for R&D Tax Credits aims to address the expertise gap within the organisation. FI Group’s experts align with this vision, providing clarity on innovative claims and ensuring rigorous scrutiny.
For R&D claimants currently caught in lengthy HMRC inquiries, the situation is critical. While HMRC’s compliance plan offers hope, swift action is essential. The UK’s innovation economy relies on efficient R&D tax credit processes, and FI Group stands ready to guide businesses toward success.
In summary, proactive businesses choose FI Group because they recognise the value of expertise in securing R&D tax credits. As HMRC evolves, partnering with knowledgeable advisors becomes crucial—a step toward a more efficient, innovation-driven future.
