The Research and Development (R&D) Tax Incentive is the UK Government-backed scheme introduced in 2000 and designed to help drive innovation across all sectors in the UK and encourage companies to invest in R&D. With the government setting out ambitious plans to make the UK a leader in innovation, over 300,000 claims resulting in over £40 billion worth of R&D tax relief have been paid out since its launch.
According to the report published by GOV UK, in September 2023, the estimated Research and Development tax relief support claims for the 2021 to 2022 tax year was 90,315, an increase of 5% from the previous year primarily due to a rise in claims across of SME and RDEC schemes. The estimated total amount of R&D tax relief support claimed for the the 2021 to 2022 tax year was £7.6 billion, an increase of 11% from the previous year. This corresponds to £44.1 billion of R&D expenditure, 8% higher than the previous year.
If your company has spent money advancing science or technology and mitigating the technical uncertainties associated with developing new products, processes, or services, improving existing ones or made modifications to improve performance, reduce cost, be more sustainable, or maintain a competitive stance, you may be eligible for the R&D tax credit. The scheme enables companies that have spent money on research and development to claim cash back for the qualifying R&D activities or reduce their corporation tax bill.
At Elevate R&D Solutions, we supports companies from different industries with their R&D assessment and technical report writing.
With the changes in regulations and increased scrutiny to curb fraudulent and erroneous claims, companies looking to claim R&D tax credits must present their R&D technical reports in a way that stands up to HMRC scrutiny to avoid the time and cost associated with dealing with HMRC enquiry. Hence, At Elevate R and D Tax Solutions, we adopt a company-centred and holistic approach focusing on your R&D projects and their many facets and draw on HMRC guidelines to ensure an R&D report stands up to HMRC scrutiny and provides a clear and accurate representation of the R&D activities your company conducted.
Our reports are easy to read and understand by a non-technical person and easy for HMRC to see how your project meets the definition of R&D for tax purposes.
As part of our R&D Tax Credit Technical Report Writing, we complete the following
Our R&D assessments go beyond routine evaluations—they are meticulous examinations of your projects to identify and articulate the true impact and innovative essence that sets your endeavors apart.
We work with the competent professionals within your R&D team to define the baseline knowledge of your R&D project. We highlight the existing knowledge, tools and technologies within the product/service/process or technologies used to develop it and the technology available within the industry. Defining the baseline enables us to emphasise the significance and technicality of your R&D project advances, how your project advances the whole industry, not just your company and why the R&D was necessary.
Crafting a technical report is an art, and at Elevaterds, we’ve mastered it. Our writers combine technical expertise with a flair for clear and concise communication. The result? Technical reports that not only meet regulatory requirements but also tell a compelling story of your innovation journey.
We work with your team to identify the qualifying R&D Projects that seek to advance science or technology and clearly explain what the team were trying to improve or create, how your project is an improvement relative to the industry baseline, the technicality of the advance and why it is non-trivial for the competent professional to achieve. We emphasise how the project (product, services or process) works rather than what it does.
In the realm of R&D, complexity is inevitable. Elevaterds excels in unraveling the intricacies and presenting them with clarity. Our technical reports are not just documents; they’re narratives that make the complexity of your innovations accessible to a wider audience, including regulatory bodies and stakeholders.
We work with your team to document the technical uncertainties encountered and ensure the report is comprehensive and meets the HMRC-specific definitions of uncertainty. We do this by focusing on the technical uncertainties that cannot be easily resolved by using information in the public domain or existing skills and capabilities or taking sensible and logical steps that are obvious to any competent professional. We emphasise what prevents competent professionals from advancing scientific or technological knowledge, why the technological or scientific uncertainty is for the industry, not just your company and why the professionals who worked on the project were uncertain about how to achieve the advance.
Every innovation is unique, and so is our approach. Elevaterds understands the importance of tailoring our services to fit the specific nuances of your projects. Our R&D assessments and technical reports are crafted with a bespoke touch, ensuring that they accurately represent the essence of your innovation.
We work with your company to draft a report highlighting how and why the R&D project was not straightforward, how your company mitigated the technical uncertainties associated with your R&D project and the method planned or used to mitigate or overcome the uncertainties or why the uncertainties were not resolved. We emphasise the direct and qualifying indirect R&D activities conducted to mitigate those uncertainties.
We present a timeline of how those uncertainties were mitigated, the competent professionals that mitigated those uncertainties and their relevant experience and qualifications. We compile and incorporate the supporting evidence for your R&D qualifying activities, ensuring that the HMRC assessor can see the uncertainties mitigated and the costs for each qualifying activity.
We work with your team and accountant to compile and confirm the SME and RDEC expenditures.
A company can still claim for qualifying R&D expenditure even if the project was unsuccessful!
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Elevate R&D Solutions is here to support you with your claim.
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