Inside scoop of the R&D tax credit world
When it comes to service, no two are the same. In business terms, every company has different people, processes and tangible assets that affect the type of service they can provide. Especially in our nature of work, we find that the many hundreds and thousands of people who can claim R&D tax credits for you can give you a different experience.
It’s important to understand what you can expect before you sign on. Accountants and R&D consultants can offer you services that go from basic to fully comprehensive. But what does this mean? Some companies will identify any benefits they find when looking into your company and charge a fee based on that. Some will write a report for you for HMRC which they will ‘sell’ to you so you would oversee filing it after that. Some will provide yourself or your accountant advice on which costs will qualify and leave you to write out the report yourself. Some can write out a report and file it out on behalf of you, taking care of any HMRC enquiries that may arise. And some will go as far as providing some sort of after-claim services.
The main differences you would expect in these services is the charge, whether it is an upfront fee, a percentage of the claim based on a win or on the qualified spend identified. While base pricing may seem to come to cheaper, there are cases where you end up agreeing on more than you receive.
It’s no secret that most of the time, what you pay is what you get.
Our process, broken down
At Novus Tax, due to our combined 10 years of experience, we find it’s most beneficial to our clients to offer every service we can. Some R&D specialists call this an end-to-end service, where it starts with a telephone conversation to get to know you and determine the presence and scope of qualifying R&D activities in your company. At this stage, we find that many people don’t realise that a lot of what they think is business as usual actually qualifies.
After that, the specialist will explain the next steps they will take, the exact costs they think will qualify and how long it will roughly take for you to see the return. The Technical Director is brought on board, who will look through the documents you send and write out a detailed report for HMRC. The report is filed and any further actions, such as possible enquiries by HMRC, will be dealt with by the specialists. Then, you receive the money.
This takes roughly up to 8 weeks and about 3.5 hours of your time in total.
What does this mean for you?
An end-to-end service is potentially one of the best quality services you can receive. At Novus, we like to add our little perks you can’t find elsewhere – and we’ve seen it amounts to more returns and better relationships. The little extra can make a big difference for you.
So what’s different about our service? We have a more curious, investigative approach when it comes to looking at your costs and leave no stone unturned. Each company is different, and a lot of this process can be subjective so we’ve found that we’re exceptionally good at always finding more – this service is often used by companies who have already filed to claim again for the expenses missed, a testament to the fact.
The report we write for you is, and will be for up to 6 years, our property. What this actually means is that if anything goes south, which it has not done in our experience, HMRC comes to us directly and it is our responsibility. Novus Tax has a £1m PI insurance in place for the extra security of our clients. This drastically reduces any risk to you, to basically zero.
We don’t charge for any individual services; one initially agreed upon payment based on a percentage of your win once you have the money in your hands, so you’re never left without.
And where you can receive an end-to-end service from other companies, we like to think of ours as more of a circle. Your R&D doesn’t stop when you receive the money, so our service doesn’t stop there. We provide advice on ways of spending the money in your future R&D activities to get the best returns on your next claim and like to keep in touch with all our clients, as a network.
Want some more information? Get in touch @ firstname.lastname@example.org to get the specifics on the service we can provide for you.