What career would suit an individual that’s not only an engineer but also a Chartered Tax Adviser? Cooper Parry’s Research and Development (R&D) Partner, Chris Knott, explains how his engineering and tax background has helped to generate in excess of £20m for Midlands businesses since August 2017.
Chris Knott, CTA BEng
Great, so my signature shows that I’ve studied and I’m an engineer too. I’m also 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 incentives? Here’s why:
When we go into a business to find out what 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.
What is R&D in Engineering?
R&D in engineering can relate to the development of products or processes. It’s inevitable that many businesses continue to advance their existing engineering techniques. And if this advancement involves a level of head scratching and problem solving to overcome a series of technical difficulties (as it often does), it’s likely that the project will qualify for R&D incentives.
Why is it important for us to understand research and development in the engineering industry?
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 work with advisers 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!
A BEng degree can cover all forms of claims, including automotive, aerospace, marine, rail, nuclear and any other form of engineering.