01633 860 021 hello@zest.tax

R&D Tax Credit Reviews for New Zest Clients Increase Previous Claims by 110%

by Adam Park | June 16, 2021

Our R&D tax credit review process ensures our clients have claimed for all of the R&D they've conducted. We always conduct a full R&D tax credit review for new clients. In fact, when onboarding new clients who have previously claimed R&D tax credits, we've increased their claims by 110% on average.

What is a Tax Credit Review?

The reviews take place in the form of a structured workshop. The work starts before the review, by ensuring the right attendees are available. The review workshop start with an analysis of all the projects a client has undertaken in previous accounting periods. The purpose of this analysis is to spot any projects where R&D may have taken place. Where R&D has taken place, the eligible costs are discussed in detail to determine what can be claimed. Generally - the review will take between 1 and 3 hours - but the results are worth it.

After the review, Zest will produce a summary of any projects and costs that can be claimed. Once any additional information required is provided, Zest can then finalise a claim document ready to be submitted to HMRC.

For more about our tax credit claims process - read on here.

Updating an R&D Claim

Many don't realise that previous R&D claims can be amended. Any claim previously submitted can be amended up to 2 years after the end of the accounting period. That means, if you don't believe you got the best results with your R&D claim - you can re-analyse - and re-submit to get the correct results. This is something we often do for our clients.

Tax Credit Review Case Study: Engineering Clients' Claim Improved by 200%

After we met with this marine engineering company from South Wales, it quickly became clear that their previous R&D claim didn't cover all of their work. We worked with the client on a full tax credit review and the results were significant. We increased the clients return by 200%, giving them an additional £36,000 cash repayment, on top of the £18,000 they had previously received.

How to Get the Best Results To Start With?

Getting the best results with R&D Tax Credits takes time, a good working knowledge of the legislation, and an eye for detail. In the example above, the previous advisors weren't in a position to dedicate the time to fully review the R&D conducted by the client.

So what should you look for in an R&D tax credit advisor, to get the best results? Keep an eye on this space, as I've got another post coming on just this.

Could you Claim More?

If you're reading this and thinking you could be missing out, be sure to get in touch. Even if we're not able to make a claim for you, you won't be charged anything.

Other news stories

R&D Tax Credits in Construction

by Adam Park | July 4, 2022

Running a building project is never easy. In fact on many projects – builders, site managers, foreman, construction directors and draughtsman are involved in solving problems for their clients. And solving problems for their clients could mean that their company qualifies for R&D tax credits for construction. The proof is often in the pudding – […]

What does HMRC’s payout slowdown mean for R&D tax credit claims? 

by Adam Park | June 16, 2022

Last month HMRC announced that its slowing down payments on several R&D tax credit claims while it focuses on combating fraud and abuse of the scheme. 

How far back can you claim R&D tax credits? 

by Adam Park | May 26, 2022

R&D Tax Credits are government-backed incentives for innovative businesses with the relief often worth around a quarter of qualifying spend on R&D. A company can make a claim for R&D tax credit relief for any accounting periods ending in the past two years (24 months). Before this period ends you must submit an (R&D) tax […]