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When it comes to claiming R&D tax, there are many misconceptions and grey areas that businesses find to be unclear, anything from how much you can claim, to how many years back that are eligible, and whether the size of your business determines the ability to claim R&D tax credits. In this article, we will look at why it is important to consult with an R&D tax professional and not just hire an accountant.

With our expertise spanning over 20 years, we have supported companies of all sizes and sectors, one of the most common misconceptions and missed opportunities is why you need an R&D tax specialist, and why you would want a tax specialist, as well as an accountant. So many businesses within innovation that are undertaking research and development projects are not claiming via the HMRC R&D tax relief scheme, and those who are may actually be under-claiming, whether the businesses are SME or Large Company. 

An R&D Specialist Will Save You Time

One of the most evident reasons why an R&D specialist is highly recommended to have on your side is time. Hiring someone who knows the eligibilities and how it all works, will allow you to focus on your business rather than suffering on your own, trying to figure out how R&D tax claims work and how much you can claim etc. The specialist is there to do the hard work for you. Due to the complexity of the process, you will require an expert to conduct reports for HMRC and be able to identify R&D as well. 

A Specialist Will Be Able To Identify The Eligible Projects

R&D tax specialists have an eye for spotting innovative research and development projects. For a business owner, knowing what to look for when it comes to eligibility and what qualifies or not is a difficult task. Many companies who claim, are still missing projects, or not claiming unsuccessful projects (which can in fact be eligible) and thus underclaiming. However, a specialist can do the work for you, making sure to maximise your claim, and that all the eligible projects are indeed being claimed.

They Can Focus On Compliance

Since 2021, HMRC has been complying with a potential increase in the number of compliance checks as well as the time spent reviewing each one. Therefore, there is no better time to consult with an R&D tax specialist than now. Moreover, prior to submitting to HMRC, a specialist will be able to undertake quality control over each claim. Again, leaving you with less time worrying and more time to spend on your business, whilst feeling safe in knowing it is all being done correctly. 

They Are Aware Of The Qualifying Costs

Continuing from the aforementioned, there is a variety of costs that can be claimed under the R&D tax relief scheme. The expenditures include power and fuel, water, software, externally provided workers and direct staff who are involved in the R&D project. Not only does a tax specialist have an eye for what is eligible, but they also have a team of finance professionals with an eye for the value of the qualifying cost.

An R&D Specialist Can Guide You

Although technology has increased and developed the ability to use self-claim R&D software, it only works as a template and will remove the human element. Many businesses may choose this option due to the cheaper option it provides, however, due to the lack of human contact, this also has a flipside, where the results are more likely to be lower as well as less thorough. Therefore, although software may offer ease and automation, it does not offer comfort and guidance. As a result, businesses will also miss out on the understanding of where R&D may lay within the projects.

Are you Looking For An R&D Tax Specialist?

If you are interested in working with an R&D tax specialist, please contact us here.

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