R&D Tax Credit
Rewarding your innovative ideas
Our experts handle your claim preperation, saving your team time and maximising the eligible funding.
We are here to make your claim process as straight forward and simple as possible. We work with companies of all shapes and sizes, across wide range of industries.
Our ultimate goal is to help our clients achieve financial Stability. We combine the industry, taxation, and technical knowledge to help your business secure funding it deserves.
We manage the entire application process for you and support your claim for up to 12 months after the funding has been received.
Industry knowledge
With a team of qualified engineers and accountants, we bring extensive experience and broad knowledge across wide range of industries. Our experts offer invaluable opinions, assisting companies in assessing qualifying research activities across all business functions, thereby maximising their innovation funding claims.
Tax expertise
Our qualified tax advisors have extensive expertise in the tax legislation, HMRC practises, and the R&D claim impact on your wider business. They offer expert guidance on qualifying costs and the most effective ways of utilising receivable tax credits.
Technical knowledge
Our dedicated team of senior industry-specific technical writers create technical narratives that fully comply with government guidance, enabling us to deliver comprehensive and accurate documentation, to secure the funding you deserve.
Our 4-Step R&D Claim process
1. Getting to know your business
Our process begins with understanding your business, including its operations and processes. Depending on your requirements, we offer the option of a remote meeting or an onsite visit. Our team of expert engineers and accountants will explain the HMRC criteria for qualifying activities and identify potential areas in your business that may qualify.
2. Data
gathering
Our experts will discuss with you the details of your R&D activities to identify which projects will form the claim and gather all the relevant information for the preparation of the technical report.
3. Claim report preperation
Our team of engineers, industry-specific technical writers and accountants will work together to conduct industry research, write a detailed technical report that aligns your R&D activities with HMRC criteria, and calculate qualifying costs. Additionally, our tax advisors will provide recommendation on how the claimed funds can optimise your tax position. Prior to submitting the claim report, we will share it with you for review.
4. Managing the
claim
Once you have approved the technical report, we will submit it to HMRC. Our team will actively engage with HMRC throughout the claim processing period. In case HMRC has any inquiries, we will handle all communication with them on your behalf.
R&D Tax Credits explained
R&D tax credits are government incentives designed to stimulate research and development activities among businesses operating in the UK. They can be claimed by UK-registered limited companies of all sizes and types and are offered in the form of cash payments or reductions in corporation tax liabilities.
To claim R&D tax credits, businesses need to provide evidence that they have engaged in qualifying R&D activities, which include developing new products or processes or improving existing ones.
If a business is unsure about the feasibility of a project or lacks knowledge about how to implement it practically, it could be resolving technological uncertainties and carrying out qualifying R&D. According to the HMRC definition, R&D does not have to be successful to qualify.
The scope for identifying R&D is vast and spans across every sector. If it is the first time making a claim, it can typically cover the last two completed accounting periods.
To claim the relief, companies must provide detailed technical reports to HMRC, outlining their R&D projects. These reports should include information about the costs incurred and how the project meets the qualifying criteria.
Discover how Formation Partners can assist you with your R&D tax credit claim.
Contact Us
Office One, 1 Coldbath Square, London, England, EC1R 5HL