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.
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