Research has shown that the majority of businesses under-claim R&D tax credits due to their lack of knowledge of the tax scheme and inability to relate their technical projects and activities to HMRC's strict guidelines.
Should you decide to claim yourself, it's important to understand the implications and consequences of your choice.
Let's start with the prerequisites for submitting an accurate and compliant claim.
- Knowledge of what you do, your industry and an understand of your project activities.
- In-depth knowledge of the scheme, running to nearly 500 pages of documentation.
- The ability to interpret point 1 above against point 2, activity by activity, clause by clause.
Whilst you understand what you do, it is less likely that you FULLY UNDERSTAND ALL ASPECTS OF THE SCHEME and how to interpret it, and therefore self-claims often result in lengthy engagements or enquiries with HMRC owing to incorrect claims.
How can you measure the success and quality of an R&D tax relief claim?
The obvious way will be the results that are generated. THE KEY IS TO IDENTIFY AS MUCH ELIGIBLE EXPENDITURE AS YOU CAN; THE MORE YOU IDENTIFY, THE GREATER THE VALUE OF THE RELIEF YOU'LL RECEIVE FROM HMRC.
However, the results are not just determines by the value of the claim:
- It's important that the claim is accurate and complaint to avoid the risk of unnecessary attention of HMRC.
- Putting a claim together requires a lot of work, which will affect the efficient running of your business.
- You will need to juggle highly qualified expertise on both your technical activity and HMRC's guidance to the legislation to make this complex process easier for you.
MAKING A CLAIM CAN BE A TIME CONSUMING AND COMPLEX PROCESS SO IN ADDITION TO THE TECHNICAL ANALYSIS THERE IS A SIGNIFICANT AMOUNT OF CLAIM BASED ADMINISTRATIVE ACTIVITIES THAT NEED TO BE UNDERTAKEN.
How can jumpstart help you?
Well let's start with a very bold statement: 'NO ONE WILL DO THE CLAIM BETTER ON YOUR BEHALF'. So what makes us so confident in this opinion?
You want the biggest return for the least possible effort, this means that you need a service provider that can minimise your time, risk and complexity but also maximise the accuracy and value of your claim.
How will Jumpstart achieve this for you?
- Our Technical Analysts will understand your industry and what you do enabling them to undertake a detailed assessment of your project activities to uncover all eligible expenditures for you.
- The Technical Analyst will also be fully conversant with HMRC's guidance to the legislation, this enables them to manage the process complexity for you by relating each individual project activity with the relevant HMRC clauses.
- Our client service team makes it simple and easy for you by managing the claim process, helping you with deadlines and keeping you updated.
What other reasons make the Jumpstart solution the best for you?
- Our highly qualified technical expertise includes IT/Software, Mechanical Engineering, Physics, Chemistry, Electronics and Biotechnology, and they are all full time employees of Jumpstart, not sub-contractors as many of the competition utilise.
- Our ISO 9001 Certification proves that, in an unregulated market, we are committed to delivering a quality service.
