Research and Development Tax Relief (AKA as Research and Development Tax Credits) has received a lot of press in recent years. This scheme has been around for over 20 years but very little is still understood about it, even by some claiming to be specialists.
There are many companies who could be claiming but don’t realise it or who are claiming but aren’t including all the costs that they could do. These companies are missing out.
There are many companies that are claiming too much and even those claiming when they shouldn’t be. These companies are opening themselves up to a number of problems including hefty fines (on top of paying back any funds already received).
Many of these issues are caused by misunderstanding the scheme but unfortunately they are also caused by unscrupulous R&D advisors who are taking advantage of the scheme and encouraging companies to claim without properly assessing whether they are eligible. Whilst there are many good R&D advisors, there are countless others who will exploit the fact that many of their clients’ R&D claims will go unchecked by HMRC and, for those who are checked, the potential penalties will be for the claiming companies and not the consultant advising them.
Whether or not you believe your company to be eligible for R&D tax relief, if you would like to know more, please get in touch.
