R&D Tax Credits are government incentives to support companies undertaking innovative projects in science and technology.
During the 2014-15 financial year, £2.9bn of R&D Tax Relief was claimed across the UK. Approximately £350m (5,000 claims) was for companies registered in the north of England.
R&D claim preparation has historically been a manual process, whereby specialist R&D Tax Advisors and accountants support and guide the company’s financial and technical staff (who ultimately need to make the eligibility assessments) through the process by providing explanations of the R&D eligibility guidance, calculating claim values and drafting documents to support eligibility.
Although this service-based approach has led to successful outcomes for many claimants, it has also led to a costly process that significantly eats into the benefit of a claim.
Through the development of a sophisticated self-service online portal, Leeds based business ‘RD Relief’, is reducing the time and cost overheads to making a claim.
RD Relief does this by significantly simplifying the preparation process – only presenting the relevant legislative and eligibility details for any claim. Using Artificial Intelligence (AI), RD Relief asks simple questions and uses the answers to tailor workflows to your company’s claim. This means that companies don’t have to deal with complexities that are not relevant to their claim.
These guided workflows help the company put their best foot forward, ensuring a robust but maximised claim.
Sometimes companies still want a manual touch to their claim. This may be to debate specific R&D projects or to work through the claim process. RD relief has a team of industry experts who can support in this case, but since our cloud technology takes care of standard concerns, the RD Relief experts can focus on the value-add of maximising and supporting your claim.
