So, you’re already claiming R&D tax credits and doing a pretty good job of it, but what if you could turn it up to 11?
Follow these simple tips and you too could get that extra push.
1. Look at the technology. An R&D tax credit claim is all about the technology so to maximise your claim get your technical people involved, the guys who know everything about a project, from the advances made to the problems faced. This approach will help you identify every bit of eligible R&D.
(Yeah, crank it up!)
2. Keep a record of everything spent on R&D, such as staff time and raw materials, throughout the year. This makes collating the costs at claim time easier and also means you won’t forget about any smaller costs, all of which add up.
(Keep going, the windows are rattling!)
3. If you have received any grants – watch out. Some grants can push an SME claim into the less generous Large Company scheme. This is unavoidable, but by careful consideration of the application and award, the damage may be minimised.
(Did my eardrums just burst?!)
4. If you have subcontracted out part of your R&D make sure you have a clearly defined contract in place for the work that has been done. Whilst HMRC don’t currently ask for proof of contracting situations, if an enquiry is raised on your claim they will expect to see a contract or they will not accept subcontracting costs as eligible expenditure.
(Let’s get this party started!)
5. Talk to an R&D tax credit expert like Jumpstart. Find out how we can help you go one louder than 10.
(BOOM!!!!! 11!)
