KnowledgeBank
We have a wealth of knowledge at ForrestBrown. Our team is made up of chartered tax advisers, technical specialists and ex-HMRC inspectors. Every claim we work on benefits from this technical firepower, as well as the rigorous quality assurance process we have in place. This ensures that you have confidence in your R&D tax credit claims.
The KnowledgeBank is where we share our in-house expertise directly with you. We provide answers to some of the common and not-so-common questions around the R&D tax credit incentives.
Jump to topic:
Accounting
- What is the accounting treatment for R&D tax credits?
- Do I have to restate my previous accounts for R&D tax credits?
Eligibility
- What is an SME for R&D tax credit purposes?
- Is there a minimum amount of expenditure for an R&D tax credit claim?
- Do R&D tax credits apply to an LLP?
- Do R&D tax credits apply to a sole trader?
- How can you change status from SME to RDEC, or vice-versa?
HMRC
- How long does it take HMRC to review an R&D tax credit claim?
- What is the likely outcome of an enquiry?
- Do HMRC have powers to withhold R&D repayment of tax?
- Do HMRC charge penalties for incorrect claims?
Making a claim
- How far back can I claim R&D tax relief?
- How long does it take to receive my money?
- I’ve heard the phrase ‘competent professional’. What is this?
- Is there a standard format for providing the information to HMRC?
- What goes into the technical narrative?
- Can I reuse a previous R&D tax credit claim?
- How do I switch who I use for claiming R&D tax credits?
- How will I receive my R&D tax credit?
Qualifying activities
- How do I know if I’m carrying out R&D?
- Can I get R&D tax credits for a product which is a copy of an existing product?
Qualifying expenditure
- What costs qualify for R&D tax credits?
- How do you identify how much R&D each staff member does?
- Can you include VAT in an R&D tax credit claim?
- Do employee expenses such as travel and subsistence costs qualify for R&D tax purposes?
- Can I claim R&D tax credit relief on subcontractors?
- Can I still claim R&D tax credits if I don’t pay any PAYE and NIC?
- How is an R&D tax credit claim affected by SMEs subcontracting to other SMEs with the same shareholders?
- Can pension contributions be included in an R&D tax credit claim?
- Can directors’ dividends be included in R&D tax credit claims?
Rates & charges
- What are the R&D tax credit rates for the SME scheme?
- What are the R&D tax credit rates for the RDEC scheme?