With any R&D tax credit claim, you will be required to identify how much time your people have spent on research and development. If you are a first time claimant, you will probably not have this information at your fingertips.
This article looks at what is a reasonable level of record keeping for R&D tax credit claims and how it might differ for first-time claimants and those who claim annually. We also discuss whether HMRC will expect better record-keeping for R&D tax credits claims from businesses in the future.
If you’ve put off making an R&D tax credit claim because you are worried about how time consuming it will be, or that your record keeping is not up to scratch, this article will allay your fears.