Step 1 – Introduction to R&D tax credits
To begin your claim process, our R&D Consultant will call you to understand your research and development activities and arrange a visit to come and see you. At the meeting they’ll discuss your R&D projects and eligibility for tax relief.
Our service offers technical and specialist tax expertise to maximise R&D tax relief claims.
If you wish to take the next step we’ll send you an engagement agreement, authority to act as your agent and details about the Easy R&D Claim Portal.
Step 2 – Uploading Your R&D Data
Using our Claim Portal you’ll be guided through a series of financial and technical questions. These include costs for things like utilities, staff, consumables and prototypes.
We’ll also ask you to upload the last 2 years full company accounts and corporation tax computations from your accountant. On the technical side we’ll prompt you to briefly describe your R&D activities and anything new you’d like us to consider since the initial meeting.
Our aim is to make this process as smooth and easy for you as possible.
Step 3 – Our Analysis of Your R&D Data
Through our Easy R&D Claim Portal our experts will take the technical part of the information you’ve provided to ensure there is a robust R&D claim. At the same time a chartered tax accountant will assess the financial implications of the R&D project(s) and collate eligible costs for the claim.
Sometimes they will arrange a video conference call with you to work out how to strengthen the R&D narrative and maximise your claim.
Step 4 – Submitting Your R&D Tax Relief Claim
Our claims team will finalise your R&D tax credits claim. This includes technical information, eligible financial costs, revised CT600 corporation tax computations and a compliance summary.
After you’ve approved the finalised claim we will make a submission online to one of the specialist HMRC R&D units and liaise with them on any queries.
We take full responsibility for claiming on your behalf and will only involve you if absolutely necessary.
Step 5 – Receiving Your R&D Tax Credit
HMRC aim to turnaround SME R&D tax credit claims within 28 days. However, the length of time it takes for HMRC to review a claim will depend on the complexity of the claim, your accounts and the time of year.
After HMRC have processed and accepted your claim, they will notify either you or us and if a repayment is due a security check will be run on the selected payment method. The actual payment will follow in about 7 days.
For further R&D tax credit claims in subsequent years, our R&D Consultant will stay in touch to recommend any R&D project record keeping to help you when submitting future claims.