As Finstock has continued to develop its R&D tax credit loan book, allowing small and medium-sized enterprises (SMEs) to accelerate receipt of their R&D tax credit payments, we have had numerous approaches from companies who are seeking to unlock those tax credits prior to their financial year-end. We have listened to those requests and we are happy to announce that we can offer loans up to three months prior to a company’s year end, subject to satisfactory completion of our due diligence process.
If you are an SME, and expect to receive an R&D tax payment, then please do get in touch to discuss possible borrowing against that credit. For SMEs in their first year of R&D, it may be worth looking into getting advance assurance from HMRC in order to clarify the requirements for a successful claim.
Another method of avoiding disappointment and delay is to use an experienced R&D tax adviser. Finstock has worked with most of the major R&D advisers and we have a good idea of what level of fees should be charged and which advisers tend to get the best results in our experience. With such a wide range of services offered and fees charged, if you are looking for an impartial discussion on what is a fair price to pay for R&D accountancy charges then we would be happy to oblige and even to make an initial introduction to several firms that we consider to be high quality and competitively priced.
We recommend that companies undertaking R&D have an initial discussion with the adviser who will help prepare the R&D claim at the start of the financial year, before they incur the R&D spend, rather than waiting until the end of the year. This will (a) help them to focus their spend on qualifying activities and (b) give them an understanding of what HMRC requires in terms of proof (eg time sheets recording employees’ time spent on R&D qualifying work). This will not only reduce the time (and therefore cost) of preparing the claim, but it will also help to reduce the risk of an enquiry from HMRC and speed up the payment of the tax credit.
For more details please see our website or contact me direct.