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How The Change helps you claim R&D tax credits
We always suggest an initial telephone conversation to discuss the nature of your business and the types of projects you are undertaking or have completed. This allows us to assess early in the process whether there is any potential research and development that qualifies for tax relief.
This is part of our commitment to ensuring the whole claim process is time-effcient for you, and our experts are so experienced that it doesn’t take them long to determine the presence and level of qualifying expenditure in your business.
Getting the details right
Once we’ve determined that your business has projects that will qualify for R&D Tax Relief we will arrange to come and meet with you at your premises to identify all of the projects that should be included.
There may be areas that qualify that you have previously had discounted by advisors but, as all of our Consultants are Technical Experts in their scientific and technological fields, we are able to uncover sources of claimable expenditure often missed by other consultancies. We will also collate the names of the project leads or employees responsible for the R&D activity and the Financial or Human Resources head responsible for salaries and utilities. This ensures that we can arrange to collect the information we need without being a burden to you and your employees unnecessarily.
We compile your claim
We will then arrange to conduct a series of technical interviews with the relevant employees. These can be done over the phone or in person – whichever is more convenient for you – and it will provide us with all the project details and financial information we need to compile your claim.
At this stage we will produce an estimate of all the eligible R&D expenditure and what you can expect to receive back. This will also give you an estimate of the fees payable to us, although we do not invoice you for this until you have received your money from HMRC.
We make it happen
The next step is to complete your R&D tax credit claim and send it to HMRC. We’re experts in this process of how to claim R&D tax credits and have already helped thousands of businesses. Through this process we’ve developed a thorough method for making these calculations which means your claim will be highly detailed and meticulously accurate.
Once we’re happy we’ll provide the report to your accountant so they can amend your CT600 Corporation Tax Return with our calculations. We always work very closely with our customers’ accountants to ensure a smooth submission process.
We deal with HMRC
Now, we wait. We’ll make sure the tax office has all the details they need from your research & development claim. And in the exact time frames they require it to claim R&D tax credits. We take pride in getting this right.
We’ll follow-up on how your claim is going, and deal with any questions the authorities have about it. HMRC advises that it will take a minimum of eight weeks to process a claim, although it can be sooner. In some cases, HMRC will open an enquiry about tax credit claims. If that happens with yours then you can leave it in our hands at no additional cost, although we have not had a single enquiry opened against any of our UK claims so far!
You receive your credit
Once the paperwork is done it usually takes HMRC up to six weeks to credit your bank account. In terms of your Corporation Tax, your benefit will depend on the current health of your business. If you are in profit, then your tax bill will fall. If your business made a loss for the period, you get a cash credit.
Why The Change?
– We provide a smart, experienced and fast service which offers peace of mind on all the little details of your R&D tax credit claims.
– We don’t charge unless we’re successful. Our fees are taken as a portion of the credit or repayment HMRC gives you.
– Our terms of service have no nasty surprises or hidden extras.
– We offer guidance and expertise in innovation planning strategies as an additional service to help provide direction to your innovative products and/or services.