Tips for Choosing an R&D Consultancy Firm

There are a few essential considerations that come with hiring an R&D consultancy firm. But it is a vital decision that may result in a loss or gain of up to hundreds of thousands of pounds annually. Thus, it is always worth your time to choose carefully. Learn more about tax relief, visit this page here.

Below are the most important points to look into before hiring an R&D consultant:

Overall and Specific Industry Experience

R&D tax credits are tax incentives managed by HMRC, so check your potential consultant’s tax qualifications and experience. At the same time, R&D tax credits concern tax rules that are specific to your industry. Make it a point to hire a consultant with such level of tax proficiency. Find out for further details right here rdpassociates.co.uk.

R&D Tax Credit Claims Handled

Find out how many R&D tax claims your potential consultant has submitted. To give you a context, the normal range is from 20 to 50 claims annually, but some accountancy practices are known to submit north of a thousand. This experience is undeniably crucial. A bad job can mean under-claiming or being challenged by HMRC.

Time Investment

Some consultants are happy to familiarize themselves with your business, accomplishing the claim, and finally handling the submission. Others will simply check the forms and paperwork that you yourself have prepared. Each case will be unique, but if you think you’re spending too much time on this, then obviously, something isn’t right. Be careful with consultants who almost never spend time with you or exclude you from the claim process. In the end, your R&D tax credit claim is your own responsibility, so make sure you know and agree to everything that’s in it.

Rate of Enquiry

If you ask for consultants, all of them will claim to be 100% successful. What you really want to know it their enquiry rate. Around 7% to 9% is the average rage, but this can drop to 1% – 2% for some firms. As well, see if the quoted fee covers enquiry support. If it’s not included, note that should you actually face an enquiry, this could be a substantial added burden at a nerve-wracking time.

Charges

First of all, look at the headline charges. Is everything already included or are they charging discreet extras expressed as, say, “administration costs?” As we said earlier, also be wary about separate charges for an enquiry case. They can add up pretty fast. Do you have to commit to a long-term contract? Do they seem unsure that their service will be satisfying enough for you to return on your own? Lastly, find out how you can get out of that contract if you’re no longer satisfied, or if you actually have that option. Please click this link https://www.britannica.com/topic/income-tax for more info.

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