HOW TO SELECT THE APPROPRIATE R&D TAX CREDIT ADVISOR

We know that R&D term stands for Research and Development. R&D tax incentive means those organizations that invest some money from their budget for qualifying research and development activities to incentivize innovation and the overall growth of their companies. According to a recent report, the legal authorities are enforcing many measures to prevent abuse of R&D tax credit claims due to the current identification of fraudulent attempts. It is clearly a loud and public warning for companies to think more time before applying for R&D tax credits. Full Stack, a well-known and reputed R&D incentive-related company, shares information on how to choose the appropriate R&D tax credit advisor.

The Main Considerations When Choosing an Advisor:

Before selecting an advisor, you need to consider some facts and details. Even before that, asks some questions to yourself. These questions are necessary and as follows.

 

• Can the advisor deliver effectively and efficiently what you expect?
• Do you have any previous record of providing credible work as you demand?
• How much experience and professionalism the advisor has?

The above-given questions are simple but can be steps for you to move on.

Checking The Advisor’s Credentials:

Experts know that R&D tax credit is a complex area of taxation law. It is not a simple compliance service that anybody mainstream accountants can handle. It is highly technical in-nature, so your advisor imperatively has the necessary qualifications and experience. It requires work with the highest level of detail and accuracy.

Other than general qualifications like a chartered accountant or a chartered tax advisor, your selective advisor should have an experience in varieties of areas. These areas are necessary, like corporation tax, your financial details, and understanding how the R&D tax claim will apply. You should verify to be an advisor, the volume of R&D tax incentive applications, and how much get the result. 

Investigate the Service Level:

Check whether the advisor provides a full-service consultancy. It will take you through the entire procedure R&D tax incentive journey. It helps to understand from initial consultation to submission and finally get incentives. So, it is not a simple process that can handle like your/own accountant.

Getting A Second Opinion:

Many consultancy firms provide a free no-obligation assessment of your company’s situation. These firms also advise on whether you should pursue a claim. It is always better to get a second opinion for your tax incentive claim before applying.

Conclusion:

Other than the above-given points, while selecting an advisor for an 
R&D tax incentive to the mix, you should note others too. These are the advising fee, a blanket percentage, contract term, etc.