Research & Development (R&D) Tax Credits – what do I need to know

If you’re thinking about making R&D tax credit claims, here’s what you need to know about the process.

Love Accountancy can help you do the following (however, it’s important to note that these services fall outside the standard monthly subscription):

  1. We can work with our tax specialists to advise on whether a claim is possible or likely to be successful
    1. If suitable we’d then formulate and prepare a claim from scratch advising you on how much the claim is worth
    2. Note: we would advise on the additional Love Accountancy fees for carrying out this work in advance
  2. If you’ve prepared your own claim or have had a 3rd party consultant prepare a claim for you, this would usually be filed in an amended CT600 (Corporation Tax return) to HMRC prepared by yourselves or the 3rd party consultant
    1. Note: If you need Love Accountancy to file the amended CT600, we can do this, but will advise you of the additional fees for doing so (this falls outside our standard monthly subscription service).
      1. This fee covers the insurance and additional risk that Love Accountancy take on involving themselves in the claim process.

If you’re using a 3rd part consultant to prepare a claim (or doing it all yourself), then this would usually follow this standard process:

  1. Accountant prepares accounts and CT600 in the normal way. These are usually submitted to HMRC.
  2. R&D tax consultant (or you) prepares the R&D tax claim
  3. R&D tax consultant (or you) adds this tax claim to CT600 and submits the amended tax return independently to HMRC (therefore fielding any queries or issues with the claim)

If you have any questions or would like a quote from Love Accountancy to be involved in your R&D claims, please let us know.

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