Supplementary Claims for R&D Costs

DID YOU KNOW THAT HMRC ALLOWS COMPANIES TO MAKE SUPPLEMENTARY CLAIMS FOR R&D COSTS INCURRED UP TO THREE YEARS AGO?

So, you are thrilled with the money you’re claiming back for R&D and you’re geared up for annual claims in the future.

But, are you aware you could claim for historical spend that you may have missed in the past? 

“We’ve been claiming R&D for years”

“We’ve just submitted our last claim”

“HMRC has already paid us for last year”

“Our accountant handles this for us”

“This is pretty routine for us now – we get a cheque every year”

We often hear the above statements but it’s worth remembering that just because an R&D Tax Credit claim has already been submitted – or even paid – it doesn’t mean it’s the end of the story.

In 75% of cases MSC R&D’s free claim review service identifies areas for improvement. 

MSC R&D specialise in reviewing historical R&D Tax Credit claims to identify where improvements could be made, and in particular where companies may have underclaimed.   These uplifts can be significant and are well worth considering as HMRC allows companies to make supplementary claims for R&D costs incurred up to three years ago.

We have worked with dozens of clients to increase the value of their claim. Underclaiming often falls into the following categories:

  • identifying additional qualifying R&D activity
  • reviewing the proportion of time spent on R&D
  • identifying cost categories or staff missing from the original claim

In around 75% of claim reviews we have undertaken we have found either an opportunity to increase the claim value or suggestions for significant improvements in the claims process, perhaps to correct major errors.  Whilst identifying areas of non-compliance may not always result in a higher value claim, it can align future R&D Tax Credit submissions with the HMRC scheme rules.

Following the report, clients can decide to make the adjustments themselves or engage us to make the claim on their behalf.

The MSC R&D claims review service is usually undertaken free of charge for clients, with a report being provided within a week which highlights where there may be opportunities for improvement.

Clients are then free to build in any findings to their own claims process, or alternatively they may choose to engage with MSC R&D to make a supplementary claim for historical years, which we charge for on a risk-free, contingency basis.

 

For more information on the free-of-charge R&D claims review service please contact MSC R&D on  0114 230 8401

 

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