The first thing you might consider when choosing a specialist adviser for your R&D Tax claim is why would you use a specialist when you could do it yourself?
HMRC are encouraged by the use of specialists, particularly if they are members of professional bodies, as they are obliged to adhere to stricter regulations than HMRC’s own good practice guidelines.
Tax Advisers will also save HMRC time by knowing the criteria and how to present the information but the flip side of this is that HMRC will think less highly of a badly prepared claim that has been submitted by a specialist adviser than one you have done yourself. Therefore, it’s really important to choose the right specialist for you.
There are many different types of specialist adviser to choose from so how do you decide?
Here's a list of questions you might want to consider to help you with your choice:
Can I use my own accountant?
Your own accountant may be able to offer advice but they may not feel wholly comfortable in the field of R&D Tax credits. This is not surprising given it’s a highly specialist area of tax advice. Whilst your accountant is likely to have a good concept of the industry you’re involved in, they won’t necessarily be able to develop the deep technical knowledge of your processes which is required to prepare the technical report to support your claim. This leads on to our next point.
Does the specialist adviser have a good understanding of your industry?
The approach we follow at Tax Synergy is to match you to your perfect consultant from our panel of experienced tax experts with specialist industry knowledge.
Do they have experience of handling claims relevant to your industry?
By matching you to an experienced consultant, who has a proven track record in your sector, Tax Synergy will maximise your claim value and will give you confidence that your claim is fully compliant.
How much time do you want to spend on making the claim?
Different advisers offer very different services. A fully managed service will invest time in understanding your business, preparing your claim and handling the submission. Other advisers may seem cheaper at face value but the time they commit is limited and you will have to do a great deal of work yourself. Tax Synergy can compete with other fully managed services due to our match making service and streamlined processes.
What support will you be offered in the event of an HMRC enquiry?
HMRC review the supporting documentation for your claim and if they are not wholly satisfied with the answers to any informal questions they have then they may open an enquiry. Tax Synergy offers you maximum support in the unlikely event that this happens and it is included within our fee.
It’s a really important decision that could result in significant tax reductions or cash credits for your company so it’s worth taking the time to consider your choice. If you’d like to talk to us in more detail about any of these points then please get in touch.