The R&D Tax Incentive supports certain R&D activities with a 15% tax credit, which can be refunded when in a tax loss position or all tax obligations have been met. We work with numerous clients across many industries to ensure that they aren’t leaving money on the table when making a claim.
One of our clients had previously been receiving the Growth Grant and wanted us to undertake a review of their calculations for the RDTI. Our team reviewed the calculations and identified a number of cost centres that had been omitted. We worked with the client to ensure that the costs were tied to the approved activities and were able to increase their eligible expenditure, resulting in a significant increase in the tax credit.
We also worked with the client to set up a framework for capturing expenditure for subsequent claims. This enabled them to demonstrate to the regulators that each expenditure item claimed could be substantiated against the approved R&D activity, in line with the legislation. By providing this information to the regulators at the time of submitting the Supplementary Return, the processing time was significantly reduced.
If you want to ensure that your RDTI claim is providing you with your full entitlement, contact Nadine Williams.