Claiming R&D Tax Credits: How to maximise your claim

Claiming R&D tax credits can be a vital source of funding for businesses in the UK, sometimes even a lifeline. However, today, many enterprises, especially SMEs, are missing out on this crucial R&D income source. If your business is one of them, it might be time to look at how you can maximise your potential for success when claiming R&D tax credits and ensure that your business is getting the support it needs.

What is the process for claiming R&D tax credits?

You can either do this under your own steam as a business, using an accountant or by opting for the support of specialists. There are clear advantages to using a specialist team – especially if your goal is to maximise the potential for success as well as the size of the claim. Making a claim can be challenging and complex, requiring an expert eye on formulating the claim and when to make it.

Maximise your claim with a specialist service

One of the main reasons to use a specialist team for claiming R&D tax credits is that this process is probably not the primary function of your business. That means there is unlikely to be any internal expertise, and putting the claim together could be time-consuming and use internal resources that would add more value elsewhere in your business. Most businesses that try to claim without this support undermine their claim in several key ways, including:

• They fail to meet deadlines because business operations take precedence.
• They are not maximising the claim amount due to a lack of understanding or experience.
• A lack of internal infrastructure for reporting, so there is no way to make the following claim easier (and more successful) thanks to the insights gained from the last one.

Why opt for specialist support?

Claiming R&D tax credits is sometimes a task organisations delegate to an accountant simply because this person usually handles anything to do with tax. However, the reality is that most accountants don’t have much expertise in claiming R&D tax, which can also undercut your chances of a successful claim. Opting for specialist support is the only way to maximise your claim and ensure the best possible chance of a positive outcome. We have the experience and expertise to ensure that all the correct information is in the right place and that you’re not missing out on anything that could increase the size of a successful claim.

If you’re committing to the process of claiming, it makes sense to do this in a way that will maximise the potential for a successful claim and the size of that claim. Working with a specialist team like SPRK Capital is the most effective way to do this – contact us.