For most companies they tend to find it unsuccessful while making R&D tax credit claims. Various reasons could cause the process to be unsuccessful, however, if you do not have an insider knowledge it can be rather difficult for you to know where you went wrong. Inopportunely filing the wrong R&D tax credit claims can be rather expensive to your service through this it is advisable that you identify what to avoid before sending the information to HMRC. By this, it is wise that you read through this article because it will assist you to know the mistakes you should avoid.
It is best that you ensure that you keep accurate records. By this it is wise that you keep a record on the work done on an R&D project. Keeping records will assist you to recall the work you might have done during the previous accounting period. Additionally it can be of use in situation where the HMRC demands to see the records. So make certain that your records are pretty detailed as the more information you have, the less challenging it will be for you to file the claims.
Similarly another mistake that most companies tend to do is not knowing what to claim for. It has been discovered that most companies do not know what to claim this is why most of them end up hiring experts to help them with the filing. Moreover ensure that you recognize what is classified and what is not these useful tricks will be of benefit. In most scenarios most firms have a habit of claiming as much as they can. However if you result in providing incorrect claims the HMRC might delay your claims or end up having a stressful enquiry. By this make certain that you can only claim for expenditures that only fall with set accounting period you are claiming for.
It is wise that you double check your figures as it will assist make certain that your claims are not rejected. With this make sure that everything adds up and that everything is detailed out in order for the HMRC to understand what exactly you are claiming for.
Finally it is best that you hire an R&D tax credit expert. For the reason that regardless of you having the knowledge on how to file the claims it is usually ideal to employ a professional. By this make certain that you find a proficient that will assist make certain that your claims meet the guidelines that are often set by HMRC but also offers the highest level of compensation.