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What does HMRC consider 'Research & Development'?
The technical definition to qualify is facing a level of professional or technical uncertainty, demonstrating a systematic approach to overcome the uncertainty, resulting in an advancement of knowledge, process, or technology.
In simpler terms, if most people in your field of expertise wouldn't know an immediate 'off the shelf' solution to challenges you're facing with design or on-site, this will likely qualify you as performing R&D.
How is the value of the claim calculated?
The bulk of the claim value is from 'time spent', which is money you're spending on PAYE wages or subcontractor costs. The more money you are spending on people the more money you will get back, but you can also claim for wasted materials and running costs.
This is something you can do every year like a tax return, but if you've never claimed before you can immediately apply for your past two financial years.
How does it work?
A Chartered Accountant and Chartered Engineer work together to build a technical narrative, which acts as a justification as to why you are entitled to the money back.
Once the report is complete and you are happy with it, being a true reflection of your business activities, it is submitted to HMRC.
HMRC release the funds directly to you within 3-4 months, and we invoice you for our success fee once, and only once, you have been paid.
The process from start to finish can take a few months, but it will only ever take 90 minutes of your business time to discuss your qualifying projects and to get your accounts for the years we are claiming for. The rest is on us.
Can HMRC ask for the money back?
This is a common misconception that's sadly been created because of companies making fraudulent claims.
If you are fraudulent in describing your business activity or your accounts, then yes of course HMRC can ask for the money back, much like any other tax matter.
We will always write a true representation of your qualifying activities to ensure you receive every penny back that you are entitled to, but not a penny more.
How do I get started?
Give us a call on 0117 403 3865 or email me at ben.henbest@harmoneyconsulting.co.uk
