Research & Development Accountants

Apply for unclaimed R&D tax credits

The Corporation Tax accounting periods are the basis for the qualifying R&D claim periods. Hence, it is possible to apply for an R&D tax relief which was missed previously. As specialist Research and Development accountants, we are able to provide you with the necessary advice and guidance on your credits and claims.

Utilize the correct expenses as R&D

HMRC has provided clear guidelines on which costs to be claimed and which should not be. Businesses will be subjected to an audit by HMRC if they fail to comply with the relevant regulations and standards. Therefore, a business must understand what costs it can claim as R&D to maximise the claim.

Obtain services from specialist accounting firms on your R&D claim

At WIS Accountancy, we have a team of specialist accountants who you can contact via call for specialist advice on all your R&D tax claim related queries. We use our expertise to aid companies to translate the rules and regulations on R&D. We have the ability to combine this with our knowledge of taxation and guide your business on how you can reinvest these claims back into your business

Choose your project

Choosing your project is the first step in qualifying for R&D tax and making a successful claim. The project, or projects, that you plan to claim from, need to consist of the activities that qualify you for your claim. The HMRC has outlined eligibility activities, and your accountant will inform you of the necessary information.

Choose a Research and Development scheme to apply to

There are two R&D tax relief schemes that you can apply to – the SME R&D tax relief and the R&D Expenditure Credit (RDEC). The scheme that you apply to depends on the size of your company, amongst other factors. Your accountant will help you choose the correct scheme to apply to that will most likely succeed your claim.

Financial

This step of the process is where you add up the number of eligible costs your business has. Once you have done this, you will have your total qualifying expenditure amount, which is the main figure of your company’s claim. If you are claiming tax relief under the SME scheme, there is an opportunity for enhancement at this stage. It is best to have a specialist accountant on hand during this process to ensure that the value of your claim will match the value of the HMRC interpretation of costs.

Technical Narrative

Submitting a technical narrative as part of your claim is most likely to prevent an enquiry by the HMRC. This technical narrative is an opportunity for you to showcase your company’s R&D expenditure by explaining what innovative development your company has done and how you have done it.

CT600

Completing your CT600 is simply showcasing financial calculations that have been worked out between the accountant and client. An experienced accountant will be able to support and guide you through this process.

File your claim

Once your company has combined your CT600 (Corporation Tax) with your technical narrative and your financial calculations, you can file this to the HMRC, and you have officially made your R&D tax credit claim.

What could your company receive from cash payout?

The cash payout that you will receive due to your R&D tax relief claim depends on several different variables. For example, your company’s sector, the total qualifying expenditure amount you have claimed, and your company’s size will all contribute to the cash payout that your company could receive.

According to the latest data, the average claim made by SMEs in the UK is £57,228. The average claim for a large company in the UK is £632 931 – larger companies can claim 11 pence for every pound they have spent on qualifying research and development activities within their business.