R&D tax credits are for everyone. Getting the whole team involved in your company’s R&D tax credit claim is beneficial in many ways.
R&D tax credits are something that everyone in your company should be involved in. Yes, everyone, the whole team. Whilst (particularly in small companies) the MD will often oversee an R&D tax credit claim and do a damn fine job of it, it is the input from all staff that can take your claim to the next level.
Let me ask you a question, what is the single most important aspect of an R&D tax relief claim? The answer? The technology. And who knows the most about the technology in your company? The guys directly involved of course, the ones who deal with the problems and resolutions day in and day out. So you need to get them on your “R&D Tax Credit Claim Team” (catchy!) because they are the ones who can provide the detail that proves to HMRC that you are indeed doing R&D.
Ah, but the guys on the factory floor that are dealing with the technology all day aren’t necessarily up to speed with every aspect of the company’s finance. No worries, that’s why every team has players with different skills; it is just as important to get your financial people involved, those that have all the details on what has been spent on R&D, from staff salaries to subcontracting costs. And of course you need a captain, someone to oversee the team and make sure everything is properly collated and presented in a package that HMRC will appreciate. This job generally falls to the MD in smaller companies but is often taken on by a technical or financial manager.
Getting the whole team involved in your company’s R&D tax credit claim is beneficial in many ways. Not only does it allow you to produce a robust and maximised claim, it also relieves the pressure that just one person trying to do it all will feel! And finally, by getting everyone involved everyone will be able to fully appreciate the fruits of their collective labour when the returns come rolling in!
