A Beginners Guide To

Tips for Choosing an R&D Consultancy Firm?

There are several considerations to make when choosing an R&D consultancy service. But it is a crucial decision that can make you lose or gain as much as hundreds of thousands of pounds yearly. Hence, it is worth spending the time to pick right.

The following are issues you should take into account when hiring an R&D consultant:

General and Industry-Specific Tax Experience?

R&D tax credits are HMRC-administered tax incentive administered by HMRC, which means you should research the tax qualifications and experience of the consultant you’re eyeing. As well, R&D tax credits are related to tax rules that are unique to your industry. Consider only consultants with such depth of tax proficiency.

Submitted R&D Tax Credit Claims

Ask your potential consultant about the number of R&D tax claims they have submitted. This should be anywhere from 20 and 50 claims yearly, although for some accountancy practices, this can reach up to a thousand or more. This experience can be critical. If the job is done wrong, either HMRC challenges you, or you under-claim.

Your Time?

Some consultants are happy to familiarize themselves with your business, accomplishing the claim, and finally handling the submission. Others just review forms and long documents that you yourself have compiled. Each case will be unique, but if you think you’re spending too much time on this, then obviously, something isn’t right. Be wary of consultants who barely see you and even shut you out of the claim process. At the end of the day, you are responsible for your R&D tax credit claim, so you need to know and accept all that’s in it.

Rate of Enquiry?

Most consultants say they have a 100% success rate. You should be more concerned about their enquiry rate. Around 7% to 9% is the average rage, but this can drop to 1% – 2% for some firms. Also find out if enquiry support is included in the fee that you have been quoted. If the answer is no, this might be a significant extra cost during a high-pressure moment when an enquiry is indeed called for.

Financial Engagement?

First of all, look at the headline charges. Do they cover everything or are there concealed extras represented as, for instance, “submission charges?” As mentioned, watch out for a separate charge for enquiry handling as well. They can add up pretty fast. Does the consultant want to tie you into a long-term contract? Do they lack confidence that their service will make want to come back on your own volition? Lastly, find out how you can get out of that contract if you’re no longer satisfied, or if you actually have that option.
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13. October 2019 by
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