Ensure Your Business Receives Quality Advice from Professional R&D Tax Credit Advisors
Over the past few years the number of R&D Tax Credit ‘professionals’ has increased, like any marketplace that experiences an increase in demand for services. However, if you sign on the dotted line with an inexperienced, unqualified advisor, this can have damaging consequences for your business.
At Momentum, we are calling for all companies to do their due diligence before signing up with ‘so-called’ R&D Tax Credit professionals and not to be swayed by a cheaper option. It is important that companies engage with a credible advisor in order to claim everything they are entitled to and optimise the full potential available to them through R&D Tax Credits
R&D Tax Credits are an incredibly valuable source of funding for innovative businesses. Statistics from HMRC show that Northern Ireland businesses have claimed a total of £55m R&D Tax Credits this financial year. Whilst this is positive, NI accounted for just 3% of total claims and 2% of the total tax benefits claimed, highlighting there is still a wealth of opportunity available across the NI business sector.
When it comes to choosing your R&D Tax Credit partner it pays to be cautious and do your due diligence. Look for the warning signs, such as if an advisor is repeatedly contacting you unnecessarily, coming across as forceful or asking you sign a lengthy contract. We would advise that companies being contacted by those claiming to be specialist advisors ask for a list of previous and current clients to prove credibility.
We would also encourage companies to ask potential advisors of their experience with HMRC investigations and a breakdown of fees. A reputable R&D Tax Credit advisory firm should always be able to provide evidence of expert knowledge and insight into legislative changes.
To date, HMRC has identified and prevented £300m in fraudulent R&D Tax Credit claims. As a member of HMRC’s R&D Consultative Committee, we highly commend HMRC’s high level of scrutiny. At Momentum, we provide the highest level of standards to every claim, resulting in a 100% success rate across more than 800 claims with over £125m in R&D tax relief approved.
As a multi-award-winning R&D Tax Credit advisory firm working across most sectors, we encourage companies to make the smart decision and do your research to ensure you are working with a credible advisor.
For more information on claiming R&D Tax Credits call our specialists on (028) 9140 4030 or follow us on twitter @Momentum_RandD