TECHNICAL AS WELL AS TAX
Before we start, business cards aren’t too old school! When I meet someone for the first time, there’s nothing easier than handing over a card as opposed to putting numbers in your phone and forgetting about them. But enough about that. And more about the “BEng” on my business card.
BEng stands for Bachelor of Engineering
Great, so I’ve studied and I’m an engineer too, and I’m still a full member of the Institute of Marine Engineers, Scientists and Technologists (IMarEST) due to my continued work in the sector. But why is this important when it comes to saving businesses money on their R&D tax credits? Here’s why:
When we go into a business to find out what Research & Development (R&D) activities they’ve been up to that qualifies under the criteria we need, our objective is to put everything we find into a report. This report is a technical document so HMRC understands what you do.
Understanding your Research & Development
So, to get the report right and justify the incentives, we need to understand what you’re doing from 1) a technical perspective, and 2) who’s doing what and why it matters.
So, you absolutely need to have people with technical backgrounds. It means when we come to see you and have a look around your business, we can poke around in all the dirty corners. We know where to look.
We’ll quickly figure out what you do. And from our years of experience, we’ll know what you can claim and find everything that you’re due to claim for, not just the easy stuff that anyone can find!
But it’s not just in engineering
A BEng degree can cover all forms of claims, including automotive, aerospace, marine, rail, nuclear and any other form of engineering or manufacturing. But what about other industries?
Software claims? That’s where we’d put you in touch with Mark who has a PhD in Astrophysics(!) and has worked for years in industry as an IT consultant. And what about food & drink, agriculture or pharma? That’s where we’d ask you to work with Rebecca who has a degree in Pharmacology. Marcus has a degree in Biomechanics. I won’t go on…
Technical as well as tax
The point I’m making is, as well as a team of tax experts, we’re a team of technical experts too. And when it comes to finding out what you do, delving into the technical details and writing a report for HMRC to understand, I truly believe there’s no one better.
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