Our Proven 7-Step Process for Simplifying R&D Tax Credit Claims

Nigel Holland
Nigel Holland

At Holland & Co Chartered Accountants, we understand that claiming R&D tax credits can be a complex endeavour. That’s why we’ve developed a streamlined 7-step process tailored to meet the unique requirements of each client.

Step 1: Company Introduction and Fact Finding In our initial contact, we evaluate your company’s eligibility for R&D tax relief. This brief conversation allows us to gather essential background information about your company while providing an overview of our R&D process. If we determine that your company doesn’t qualify for an R&D tax relief claim at this stage, we won’t proceed, ensuring we don’t waste your valuable time.

Step 2: Initial Contact with Your Claims Consultant Following the initial assessment, you’ll be paired with a dedicated claims consultant who will arrange a call or face-to-face meeting. This personalized approach enables us to delve deeper into your business, maximizing the potential R&D tax relief claim. During this interaction, we will:

  • Explain the qualifying criteria for R&D tax relief
  • Outline the process and estimated timeline from meeting to completion
  • Discuss eligible projects for R&D tax relief
  • Explore the potential benefits for your company
  • Address any questions you may have about the R&D tax relief process

Step 3: Preparation of Draft Report Based on the insights gained during our discussion, we’ll begin drafting the R&D report. This stage allows you to provide input and raise any additional questions or concerns.

Step 4: Finalization We will send you the final R&D report for your review and confirmation that it accurately represents your company’s R&D activities during the claim period. This phase includes another call or meeting to discuss costs and assess your company’s current financial position, optimizing the treatment of R&D expenditure.

Step 5: Submission to HMRC Upon your approval, we will submit the agreed report and revised tax calculations to HMRC. Should HMRC have any further queries, we will consult with you before responding, ensuring a smooth process.

Step 6: Benefit Obtained from HMRC HMRC aims to process claims within 4 – 6 weeks. You will receive a cheque from HMRC for any R&D expenditure that has been surrendered for cash repayment or tax refunded as a result of the claim. We will verify that the received amount aligns with our expectations.

Step 7: Diarise Future Claims We’ll maintain open communication with you to schedule discussions and prepare for future R&D tax relief claims. During this phase, we can also offer guidance on streamlining the R&D process for future claims, including the use of R&D nominal codes, effective record keeping, and project summary templates.

Holland & Co Chartered Accountants is committed to simplifying the R&D tax credit claim process for your company. Let us help you unlock the benefits of R&D tax relief efficiently and effectively.