A new organisation set up by Knight Corporate Finance offers SMEs advice and guidance on how to maximise their claims for R&D tax relief while meeting HMRC's expectations.
Called Knight R&D, the advisory service is led by R&D Incentives Specialist Rupert Mayo who heads up a multi-disciplinary team that provides industry, technical, tax and accounting expertise across all aspects of the R&D Incentive claim process
Mayo boasts 15 years experience, initially as an industry scientist followed by a nine-plus year stint at one of the Big 4 accounting firms.
To underscore his firm grip on HMRC's expectations he has never had a claim reduced or disallowed.
Knight R&D is holding a workshop to determine whether attendees have a claim to make, and if so estimate their potential entitlement.
Knight R&D also offers a free one hour health check for companies already claiming to determine whether the claim covers everything a claimant may be entitled to, and estimate any potential increases in claims either as amendments to existing claims or to be introduced into future claims.
"An estimated 80% of UK businesses I have met with have not been receiving their full entitlement of R&D tax credits," stated Mayo.
"Companies rarely understand how broad the qualifying criteria are, and frequently have more qualifying costs than they realise.
"Misconceptions associated with the R&D definition often lead to under claims, and misunderstandings relating to the qualifying cost categories can lead to errors in deriving the qualifying cost amounts.
"Furthermore, SME businesses are often ignored by larger professional services companies. At Knight R&D, we are able to identify the qualifying areas of activity and expense and unlock the full level of R&D credits."
Paul Billingham, Director at Knight CF, added: "The opportunity to partner with Rupert will allow us to provide a new opportunity to support clients' growth.
"The goal of Knight R&D is to help even the smallest start-ups across industries get the tax incentives and credits they deserve so their business can thrive."