Research & Development (R&D) Tax Relief is a valuable relief which allows eligible companies to receive additional tax breaks either by reducing corporation tax or in the form of cash tax credits paid directly into your bank account.
Whist the premise behind this incentive may seem straightforward, understanding the various definitions, what costs are eligible, and the associated legislation can be difficult to interpret. Additionally, the process of making a claim can appear drawn-out and many companies underestimate the extent to which they can claim R&D tax credits.
Whether you are preparing your claim in-house or are looking for expert assistance to manage the whole claim process, PEM can assist with any aspect of the R&D claim using our dedicated in-house technology team.
Our approach to reviewing or preparing R&D tax credit claims:
- Understand your R&D activities to assess which projects can be included as part of R&D claim
- Ensure that claims are drafted in accordance with latest guidance, highlighting weaknesses if prepared in-house and making suitable recommendations where required
- We will assess the costs associated with each project and prepare or review the accompanying financial report to ensure that figures are reported correctly
- Where possible, we will seek to identify costs that may have been considered as ineligible to maximise the claim being put forward