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What Goes Into an R&D Tax Credit Claim?

22 Sep 14

Research & Development tax credits – A to Z

Qualification

You can qualify for research and development tax credit if you undertake activities that involve resolving scientific or technological uncertainties to achieve an advance in science and/or technology. Now you might think that you don’t make advances in science or technology. But the advance may be a new or significantly improved product, process, system or service, where you hold the financial risk as to whether your endeavours succeed or not.

You don’t have to create something from scratch. If you are making significant improvements to reduce costs, improve quality or bring something up to date, those would be legitimate R&D aims.

Once your have established that you are doing qualifying R&D activities you are ready to make a claim for R&D tax relief/credits.

HMRC requirements

HMRC (Her Majesty’s Revenue and Customs) require that claims are supported by:

  • A layman’s description of the scientific and technological advances that each qualifying project was attempting to achieve (the Technical Justification Document).
  • A scoping exercise to identify qualifying R&D costs.
  • A description of the scientific and technological uncertainties which had to be overcome on projects in order to achieve the scientific and/or technological advances.
  • Details of how and when those uncertainties were resolved.
  • A qualifying costs breakdown (including an indication of the cost per project if there is more than one).

Definition of R&D

The definition of R&D for tax purposes is covered on the HMRC web site here.

Fast track qualification process

While it is a great idea to read the online definition, that still may not give you sufficient certainty or confidence as to whether or not you are undertaking activities that qualify for research development tax credit. We can offer you a faster route, just call us on – tel 0771 9439 229 – and we will talk it through with you; or fill in the contact form and ask us to give you a ring.

Are you ready to find out if you qualify or how much your R&D claims could be worth?

 

Contact Us Today

For more information or to contact us - call us on 0771 9439 229 - or send us a message

CONTACT US TODAY:

For more information on claiming R&D tax credits or our business advice and support services call us on 0771 9439 229

Or send us a message

PO Box 53448,
London,
SE18 9DE

ACCREDITATIONS & OWNERSHIP

Our consultants are members of London Group Business Advisors and Home Counties Business Advisors.

Linda Eziquiel is a Fellow of the Institute for Independent Business and a Principal Consultant at RandDTax (specialists in Research and Development tax credits) – UK co. reg. no. 08160439.

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