Your trusted adviser for R&D Tax Credits, Creative Tax Relief, and R&D Grants
When it comes to putting together an accurate, fully optimised R&D Tax Credit claim, you’ll need a trusted, competent R&D consultancy on your side.
When it comes to putting together an accurate, fully optimised R&D Tax Credit claim, you’ll need a trusted, competent R&D consultancy on your side.
Yes you could DIY it and hope for the best. But in our experience, going it alone can often lead to overclaiming, which can lead to enquiries from HRMC or underclaiming, which sees businesses often leaving money on the table.
Times are hard and you may find yourself at a crossroads, weighing up whether to approach an R&D tax credit consultancy or not. If so, we’ve put together this short guide to help - and to highlight why going it alone isn't always a good idea.
Some companies are perfectly capable of submitting a successful bare-bones, DIY R&D Tax Credits claim. But it’s a gamble, and one which can lead to unwanted outcomes.
As we know, not everyone will be subject to a tax audit, it’s also true that some people will escape an HMRC enquiry and sail through even if their application is far from the best it can be. But there’s always the possibility it could go horribly wrong.
R&D Tax Credits are a very generous, and extremely important, source of cash for companies up and down the UK. Awards can often run into the tens of thousands of pounds even for the smallest companies and projects; surely that’s worth more than a wing and a prayer? And without the expert services of an R&D tax credit consultancy, you may find you attract a highly stressful HMRC enquiry along the way (see our article: R&D Tax Credit Enquiries: Don’t Get Caught Out).
An HMRC enquiry is the kind of misery you really want to avoid. Not only is it unpleasant, it tends to involve all sorts of time-consuming record checking, emails, phone calls and months of bureaucracy. On top of that, HMRC is well within its rights to demand an audit up to five years after the year in which the R&D work occurred. Nobody wants that to come back and bite them.
Yes it might seem like handing over a percentage of your R&D Tax Credits award is unnecessary. But if you end up being fined by HMRC for any errors or issues with your DIY claim, it’s likely to cost you a whole lot more. Plus, when you’re completing your R&D Tax Credits claim it’s all too easy to miss off costs which would actually attract the relief. Again this would mean your company losing out on either a Corporation Tax reduction or a cash credit that’s rightfully owed.
This follows neatly on from the above. How exactly are you supposed to know which specific R&D projects and costs are even eligible?
When you work alongside an R&D tax consultancy on your claim, you know that every single piece of relevant expenditure has been included. And (going back to HMRC enquiries) there are no over-estimations in your figures, or any costs present that shouldn’t be there at all.
R&D tax relief can be awarded on a broad spectrum of expenditure types in any sector or industry. They include staff and subcontractor costs, certain software, materials and consumable costs, employer NIC and pension contributions and much more. But these must be apportioned accurately - which in itself is expert knowledge most "DIY'ers" won't be aware of.
If, like many companies we work with, you’re unsure at the outset whether your projects or your expenditure will qualify, we’re here to advise you and would be happy to welcome your call or email.
While general accountancy firms may well have a working knowledge of R&D Tax Credits, they are spread pretty thinly these days. Accountants have a huge remit of duties they need to cover for their clients, and any specialism in the very complex world of R&D tax relief is unlikely.
At Myriad Associates we are experts in our field simply because it’s what we do, day in day out. We are a diverse team of R&D tax and grant funding advisors from various backgrounds who know the minutiae of R&D tax claiming in detail. Our knowledge and expertise are completely up-to-date (after all, rules and guidance around R&D relief can change regularly) and our proven success rate in obtaining the funding our clients speaks for itself.
Stand-alone R&D tax and grant funding consultancies don’t dilute their services with any other kinds of accountancy work. So you know you’re getting the highest quality expertise possible.
It’s essential you trust your advisor and know they will meet your business needs. Don’t simply go it alone and hope it will work out.
Consider each of the points above, do your homework and look out for previous case studies to support your decision. Companies like Myriad Associates also offer a free, no obligation consultation to help put your mind at rest too. This allows you to talk through the process, check your eligibility and ask any questions before you start.
It doesn’t even matter where in the UK you’re located. We work remotely with our clients meaning you don’t even have to leave your home or office. Everything is completed via video call, email or phone for your convenience.
If you would like to discuss any aspect of an R&D Tax Credits claim, or an issue we’ve raised here, please do get in touch with our team on 0207 118 6045. You can also use our contact page and one of us will call you back.
Food and drink R&D (eligible under the R&D tax credit scheme) covers any project that aims to push the boundaries of knowledge and technology within the industry.
The government has published the Finance Bill 2023/24 covering the Merged Scheme and HMRC has recently provided more detail on the overseas restrictions and subcontracting rules and invited further consultation until 1st March 2024.
When the UK was still a member state of the EU, it was subject to European rules on state aid. Since Brexit, these rules have become more complex, navigating the murky waters of legislation across the English Channel.
Please contact us to discuss how working with Myriad can maximise and secure R&D funding opportunities for your business.
Contact us
hello@myriadassociates.com