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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.

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Can I claim R&D tax credits if I’m a loss making company?

by Adam Park | September 9, 2022

If your company has been making a loss, it’s still worthwhile making a claim for R&D tax credits. This is sometimes misunderstood with people thinking that a company needs to be profitable to benefit. In fact, applying for R&D tax credits as a loss making company might be the most beneficial way to get the most from the scheme.