How to Claim R&D Tax Credits - Our Process | Innovation Plus

How to Claim R&D Tax Credits – Our Process

We help you claim R&D Tax Credits with full management of the process from beginning to end.

We aren’t like the accountants who ask you to calculate how much R&D you have, prepare your own documentation and are unable to help you if HMRC enquire into whether the work is eligible or if you have claimed appropriately (leaving you to face penalties in that case).

We also aren’t like some other companies who may only prepare the claim documentation, but then expect your accountant to actually file the claim because they have little, if any, tax knowledge and are unable to answer questions from HMRC.   Your accountant will usually charge for this, and you have no single point of accountability, leading to potential hold-ups, double-counting and other errors.

Our staff combine Big-4 tax experience, industry know-how and technology backgrounds with practical experience of compiling R&D claims since 2003- longer than almost anyone else.

We take care of the entire process from beginning to end which leaves you able to concentrate on running your business, not on tax.

We have an unbeatable 100% success rate in both number of claims accepted by HMRC and the amount of those claims, and work entirely on a no-win no-fee basis meaning that you have peace of mind that you won’t pay a penny until you receive your benefit.

Our Claim Process

Click a step for more information

Step 01 Engagement

Engagement: We send you our engagement letter outlining our terms of business, and allocating your claim to one of our directors who will take overall responsibility for supervising your claim, from beginning to end. They will provide you with a single point of contact from the beginning of the claim until the end. Once we have received the signed copy back, we will send you a request for financial information and schedule an initial scoping call with your key technology staff.

Step 02 - Initial Assessment

Initial Assessment: From the financial information you provide and initial technical discussion, we assess at a high level both your tax position and technology activities to determine if you are likely to qualify and if so, the level of the likely benefit. At this point, if we determine that you are unable or it is not commercially sensible for you to claim, then we stop and there are no fees whatsoever payable by you.

Step 03 - Collect Technical Information

Collect Technical Information: Our experienced analysts carry out technical interviews with your key technology staff. We take the technical information and use it to determine the extent to which projects and activities qualify under the R&D scheme and prepare a detailed technical report that demonstrates how the different projects meet the requirements of the legislation.

Step 04 - Collect Financial Information

Collect Financial Information: We work with you to extract the qualifying costs (broadly, staff costs, subcontractors, contract workers, utilities, prototype costs and software) from your financial records and ensure that any ineligible costs are excluded from the claim. If you have a timesheet recording system then we analyse the data within it to determine the optimal way to structure your claim. If you do not have detailed records, then we work with you to determine how best to submit a claim, based on the information that you actually keep.

Step 05 - Map Costs onto Technology

Map costs onto Technology: Having determined which projects and activities qualify, we take the financial information that you have provided to us that contains the qualifying costs, and map the two elements together to determine the total value of the claim

Step 06 - Prepare R&D Claim Pack

Prepare R&D Claim Pack: Once the financial and costing stages have been completed, we prepare a detailed claim pack that shows HMRC exactly what is being claimed and why it qualifies under the legislation, as well as providing a detailed breakdown of the technical aspects, the financial aspects and the claim process.

Step 07 Client Review

Client Review: We recognise that it is your R&D claim and we always work in partnership with our clients to ensure that they are in control of the review process and happy with the claim pack before anything is submitted to HMRC. We update the claim pack with any changes that need to be made before submission to ensure correctness.

Step 08 Claim Submission

Claim Submission: We send your claim pack directly to the HMRC specialist unit that is responsible for dealing with your claim and verify with them that the claim has been received.

Step 09 Liaise with HMRC

Liaise with HMRC: We contact HMRC regularly to ensure that your claim is being processed and to answer any questions they may have. Due to the high quality of the claims we submit, we have excellent working relationships with many inspectors so that we are able to pick to pick up the phone and directly call the inspector dealing with your claim.

Step 10 R&D Tax Credit Received

R&D Tax Credit Received:  We proactively chase payment and ensure that funds are received by you in good time. 95% of claims we handle tend to be paid out within 28 days, but many in less than that. We don’t charge a penny until your claim payment has been received.