Complex R&D claims can be a real headache for the underprepared and under-resourced. HMRC’s growing scrutiny and moving goalposts, while absolutely warranted and there for good reason, puts additional strain on claimants who grow ever fearful of enquiries. Many have been burned before, and the experience remains etched in their memory. But building back confidence doesn’t need to be war and peace; it simply starts with getting the right support, AKA, your R&D tax advisor.
Businesses have already done the hard work; they’ve invested in their R&D function and have tangible outputs to show for it. So, creating a compliant R&D tax credit claim should be relatively straightforward, yet so many fall at this hurdle, but not due to their own shortcomings. So many businesses today rely on the providers already on their books, from accountants to other financial advisors; but they aren’t R&D tax specialists. It’s a complicated process and not one to be taken lightly, so having experts on hand to guide businesses through is genuinely the best approach.
While many of you will read this and think you’re comfortable with your current provider, there may be long-term benefits to switching that haven’t yet crossed your mind. Even though this can be a daunting process, a thorough system of technology and human-led guidance is what truly helps.
What the onboarding process looks like
For many businesses, it’s the unknown that puts them off switching, not the process itself. To help bring some clarity, let’s walk through EmpowerRD’s onboarding steps which are designed to be as light-touch as possible:
Connect to the billing system
EmpowerRD connects directly to the client’s billing system and pulls in cost data automatically.
Users set up on the platform
Relevant team members across finance, engineering and elsewhere are onboarded so they can contribute to the claim from day one.
Client provides R&D project themes as bullet points
Rather than lengthy interviews or questionnaires, EmpowerRD works from high-level bullet points the company provides on its overarching R&D projects.
EmpowerRD builds the narrative
Dedicated specialists take those bullet points and turn them into the full technical narrative for the claim.
The system does the heavy lifting, not the business, so switching isn’t the daunting process many assume it to be.
The benefits of switching today
Switching advisors gives businesses the potential for greater visibility of their claim, in that they gain the ability to see their claim value as it’s being built, rather than only at the end of the process. Most businesses rely on a trusted accountant for this work, but accountancy is generalist by nature. Not every accountant has deep expertise in R&D tax credits, and knowledge varies significantly between firms. Where the process depends on an interview or questionnaire to establish costs, there’s a real risk of over- or under-interpretation, so switching puts teams in a position to be better equipped for a more optimised claim.
Get the end-to-end support your R&D efforts deserve
Every ambitious and innovative business deserves a way to develop and submit robust R&D tax claims without unnecessary costs, resources and risks. Tackling this process individually makes it hard to ensure compliance and access to the information which matters most.
Get in touch today if you’re thinking about making the switch.
