How to choose the right R&D advisor

Choosing the right R&D advisor

The right R&D advisor can make all the difference when it comes to ensuring that you’re getting the most from this tax incentive. A partner that is a good fit will not only ensure that you have a positive experience but also that you’re able to streamline the process of R&D tax relief, so it is as seamless as possible. Here are our tips on how to choose the right R&D advisor.

What’s their process?

Every R&D advisor will have a different process when it comes to making claims for R&D tax relief, and it’s important to make sure that you find the right one for you. For example, some advisors don’t take on the stage of writing the R&D report, so if this is not something you want to handle in-house, you’ll need to find an advisor willing to do this for you. Remember that, ultimately, the responsibility for the claims process will remain with your business even if you use an R&D advisor, so there needs to be plenty of transparency woven in.

How much of your time is going to be involved?

Find out what an R&D advisor is going to expect from you in terms of time. This will mean looking at how much of the work they are likely to handle and where contributions from you and your team will be necessary.

How do they handle enquiries?

The volume of R&D tax relief claims has increased significantly in recent years, especially as the government has looked to promote more interest in the incentive. As a result, HMRC now has many more tax advisors processing claims, and this can lead to more enquiries. Currently, the enquiry rate is around 1-2%, but this is likely to increase as more claims are made. It’s important to work with an R&D advisor with the experience and capacity to handle enquiries from HMRC so that this doesn’t slow down your claim or jeopardise its success. One key question to ask an R&D advisor is what their enquiry rate is (rather than what their success rate is).

What are the costs involved?

As with any commercial agreement, it’s vital to have transparency when it comes to costs so that you know what kind of fee is involved. Fees can vary from one advisor to another – some may be based on qualifying expenditure costs, others on the value of the claim. Make sure you’re getting the full picture of fees upfront so you can make an informed decision about which R&D partner is going to be the best fit.

What does the relationship feel like?

R&D tax relief claims can be significant, so it’s important to make sure that you choose an R&D advisor you feel like you can trust – and also get along with through the claims process.

Choosing the right R&D advisor is vital for ensuring successful R&D tax relief claims. SPRK Approved Advisors (SAA) are accountants and R&D tax credit advisors who understand SPRK’s R&D tax credit loan solutions.

Our team is here to help. We can introduce you to the SAA best suited to your needs so that you can access your money faster. Get in touch with us today.