Record keeping is important! Keep track of all things relating to R&D – eg staff time or raw materials or any smaller costs, all of which add up.
Establishing a method of tracking staff time and cost of materials is critical for a robust claim, and shows HMRC that your company has processes in place to accurately measure its spend on R&D. If you don’t have these processes in place, you run the risk of under- or over-estimating the value of the R&D, and the possibility of an HMRC enquiry, without evidence to back up your claim.
