What to consider when choosing an R&D Tax advisor
Choosing the right R&D Tax Credit adviser is crucial for maximising your R&D Tax Credit benefit and ensuring that your claims are handled smoothly and efficiently. But with so many advisors out there, how do you choose the right one for your business? In this blog, we’ll go over some of the key factors to consider when choosing a new R&D Tax Credit adviser.
- Expertise: When it comes to R&D Tax Credits, expertise is essential. Look for an advisor who has a deep understanding of the R&D Tax Credit process, is knowledgeable about the latest regulations, and has a proven track record of delivering results. Make sure they have experience working with businesses similar to yours and are familiar with the industries and technologies you work in.
- Credentials: Make sure the advisor is well-versed in the relevant tax legislation / regulations and has a team of Technical & Tax Specialists who will work with you to submit a robust and fully maximised R&D Tax Credit claim.
- Reputation: Look for an advisor who has a positive reputation for providing high-quality service and delivering results. An advisor with a good reputation is likely to be more reliable, trustworthy, and capable of helping you achieve your R&D Tax Credit goals.
- Responsiveness: When choosing an R&D Tax Credit adviser, it’s important to consider their availability and responsiveness. Make sure they are accessible when you need them and that they are willing to invest time in understanding your specific needs and requirements. A good advisor will be responsive and proactive, keeping you informed throughout the R&D Tax Credit process.
- Communication Skills: Effective communication is key when working with an R&D Tax Credit adviser. Look for an advisor who is clear and concise in their communication and can explain complex tax concepts in simple terms. You want an advisor who is easy to work with and can keep you informed throughout the process.
- Tailored Approach: Every business is unique, and your R&D Tax Credit needs may change over time. Choose an advisor who is flexible and can adapt their services to meet your specific needs. Look for an advisor who can customise their approach to suit your particular circumstances.
- Pricing: Choose an advisor who is transparent about their fees and can provide a clear and detailed estimate of the costs involved.
- Services: Check what kind of services the advisor will provide and what is included in their fee. i.e. HMRC enquiry cover should be included as standard and without any additional costs.
- Points of contact: A single point of contact who you can contact for updates on your claim can be very beneficial. Ask the advisor to confirm the team who will be assigned to your company – this should consist of at least one technical lead and one tax/financial lead.
- Trust and Comfort Level: Finally, trust and comfort level are critical when choosing an R&D Tax Credit adviser. Make sure you are comfortable working with the advisor and that you trust them to provide the best possible advice and support. Choose an advisor who you feel confident will represent your best interests and help you maximise your R&D Tax Credit benefits.
When evaluating service providers, consider asking the following questions:
- What is your experience and expertise in my specific sector?
- Can you provide references or case studies that demonstrate your success if required?
- What is your approach to this project, and how will you ensure it is completed efficiently?
- How will you communicate and keep me updated on the claim?
- What is included in your pricing, and are there any hidden fees or additional costs?
- If HMRC choose to enquire into my claim, is the enquiry defence included in your fee and scope of works?
- What are the arrangements on any fees paid if the claim is later reduced / rejected by HMRC?
- How do you handle quality control and ensure that the final claim is fully compliant in line with the R&D Tax legislation?
- What is your availability and response times to queries/emails?
- Is your company / members part of a professional body? e.g. ICAEW, CIOT, ATT
- Will the R&D reports sent to you for approval & sign-off before submission to HMRC?
- Does the advisor have professional indemnity insurance?
In conclusion, choosing the right R&D Tax Credit adviser requires careful consideration of the factors outlined above. Take the time to find an advisor who meets your specific needs and with whom you feel comfortable working with. With the right advisor by your side, you can be confident that your R&D Tax Credit claims will be handled smoothly and efficiently, helping you maximise your claim and ensure full compliance is line with the legislative guidance.
To view further ‘Insights’ from Innovation Tax where we share our wealth of knowledge on R&D Tax Credits, IP and Patent Box, Capital Allowances and Grant Funding, together with the latest industry news updates click here