Submitting an R&D claim can be overwhelming, especially for companies that haven’t claimed previously. There’s a lot for companies to get their heads round, such as what qualifies as R&D activities and what costs are eligible. Because of these it can be vital for companies to employ assistance from specialists such as us here at Enhance Consultants, to ensure that claims can be filed accurately and that companies can benefit from the largest claims possible.

There are however some top tips that companies should consider when looking to claim R&D tax credits. And today we are here to share these with you.

5 Tips to Maximise R&D Claims

Determine how big your company is

According to HMRC companies come in two sizes. These are SME (small to medium enterprise) and large. If a company has over 500 employees and “profits for the accounting period in question are at an annual rate of ore than £1.5 million but less than £20 million”, they are classed as large. Anything less counts as an SME.

Determine what activities and costs qualify

Take time to understand what activities and costs qualify for R&D tax credits. It is important that you know exactly what qualifies as R&D so that you can ensure that no eligible expenditure goes unclaimed. We have previously posted on our blog about what projects count as R&D , and what costs qualify as R&D expenditure.

Understand R&D claims periods

Claim periods are based on the Corporation Tax accounting periods. When claiming R&D tax benefits for the first time you can claim for any qualifying costs that have been made in the last two accounting years of the company. After that you can claim each year.

Gather as much technical information as possible

It is important that you gather as much technical information as possible, this enables you to provide HMRC with a clear demonstration of R&D activities within you business and aids claims in being successful and maximised.

Use R&D claims specialists

To make sure that you submit all the correct information so that your claim can be fully maximised, it is important to employ R&D tax credit experts. R&D tax specialists know how to get the most out of claims and ensure that you can obtain the largest benefits possible.

We Can Help You

If you would like to ensure that you are able to obtain the greatest R&D benefits possible for your company, our team can assist you. Simply get in touch today for a hassle-free, no-obligation chat with one of our R&D specialists who will be able to guide you through the entire process.