Hi
A client has been approached by a firm called RD Tax Solutions to deal with a R&D tax credit claim. Does anyone have any experience of using this firm and, if so, are they a reputable business? The website looks ok but isn't always conclusive.
Thanks
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Newly formed
Haven't heard of them myself but as they were only formed in November of 2013 I would get the client to ask for their background to ensure they have a good track record in submitting claims.
When using a specialist R&D firm these are the main things to look for :
1) Ask about the companies track record and success rate in having claims approved with no HMRC enquiry (should be 99%+)
2) Find out exactly what service they will be providing, it should be assisting with compiling R&D costs and also writing a technical summary to support the claim
3) Ask if they have any experience of dealing with claims in you particular business sector
4) Ensure there are no hidden up-front or admin fees, all work should be on a Contingent Fee Basis (aka No win, no fee) of around 20%
5) Any HMRC enquiry should be covered as part of the fee, so check to make sure
6) Ensure their contract covers repaying fees in the event of HMRC paying out, then opening an enquiry later which means you have to pay some/all of the money back (they only have a year and it doesn't happen often but best to be covered)
7) Ask what level of professional indemnity insurance they have
Have been working in this field for 5 years now so happy to answer any other questions.
Can you recommend a R&D tax book snickersinatwix?
Get a decent book on the subject
Can you recommend a book snickersinatwix?
CCH are the only folk I know who do a book on R&D, also covers the patent box and is very good.
As Snickers says it's not that complicated to submit a claim but a good understanding of the industry (software etc) is useful if it's a complicated project.
Happy to share a standard template and example tech summary if you want them as will show what needs to be covered to ensure a claims success.
Stephen Relf
The CCH book was written by Stephen Relf who also knows his onions.
Whilst it does a great job of explaining the legislation it's sometimes applying it to a particular project if you don't have a good understanding of the technology which can cause issues. But if you can explain the legislation to the client and what HMRC are looking for then usually clients can write their own tech summary.