In recent years, there has been growing concern about the risks associated with spurious R&D tax credit claims. Some unregulated firms claiming to specialise in this area have come under investigation by HMRC, leading to serious consequences for their clients.
One recent example is Green Jellyfish, a company that collapsed amidst scrutiny over its handling of R&D tax claims.
Such cases highlight the need for businesses to be cautious when selecting an advisor for their R&D tax credits.
The implications of choosing the wrong R&D advisor can be severe. Clients of companies under investigation could face fines or even legal action if their claims are found to be unjustified.
To avoid these risks, it is crucial to choose a qualified and reliable advisor.
A firm with a good reputation and membership in the Institute of Chartered Accountants in England and Wales (ICAEW) ensures that you are working with professionals who adhere to high standards.
R&D tax claims must meet the requirements set out by the Department for Business, Energy and Industrial Strategy (BEIS) so selecting an advisor that understands the detailed requirements is essential. Claims must be genuine and backed by solid evidence to avoid potential issues with HMRC.
If you are considering an R&D tax credit claim, contact us today to speak with one of our trusted specialists. We can guide you through the process and ensure your claim is handled professionally.
Find out more about our R&D tax claim services.
What an R&D tax credit client said about us:
“We recently submitted an R&D claim to HMRC with UHY Ross Brooke acting as advisors and Phil Kinzett-Evans as the Partner responsible for our submission. Phil demonstrated his experience at every stage of the application, especially when advising us on the written report to support the financial analysis. Our claim was successfully submitted and paid by HMRC within 3 weeks. We would have no hesitation in recommending UHY Ross Brooke and Phil.”
Get a FREE review of your R&D process and a copy of the UHY Research & Development Tax Relief Guide
Companies applying for R&D tax credits need to follow the rules carefully in order to maximise their tax relief. New changes to the R&D tax credit scheme come into force from 1st April 2023 aimed at reducing incorrect or fraudulent claims, improving compliance and encouraging UK innovation.
UHY Ross Brooke is delighted to offer a complimentary review of your research and development tax credit process with one of our R&D tax credit specialists. Please fill in the form below for your free review and Tax Relief Guide.
