Many companies miss the deadline to recover R&D Tax Credits - Do not let your company be one of them.
R&D Tax Credits – Make the claim, it’s worth the effort.
During my career I have been fortunate to work with some very bright mechanical and electrical engineers. They use their skills, expertise and qualifications to deliver innovation at the highest level, developing inspirational designs to open doors into new markets or improve competitive advantage in existing markets, and frequently saving thousands of pounds through value engineering. But, when asked to list these innovative achievements for tax credit purposes, they were reluctant to recognise and acknowledge their personal design successes, because engineers can be introvert by nature.
With this in mind, we appointed commercial leaders (Finance or MD) to champion our tax credit claims. They would still draw on the vast experience of the design engineers but were far less reserved and often more bullish in promoting our superior engineering capability and our R&D achievements. In one case we recovered £50K in tax credits when the design team were less confident in our ability to make a successful claim.
My advice is to make the claim, it's worth the effort.