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innovation


●Designing and installing electrical/ building control systems for regulated buildings, such as hospitals or research facilities ●Improving or developing alternative building control systems ●Integrating multiple systems into one logic circuit.


Claiming the right way With the events of COVID, businesses have been approached from all angles with the offer of bad advice. As a result, we’ve seen an increasing amount of misinformation circulating on what qualifies as R&D.


Companies need to be especially careful to seek advice from the right place given HMRC’s current focus on compliance. In response to a spate of fraudulence, HMRC has raised the bar when it comes to the quality they expect to see, hiring 100 extra full-time R&D tax compliance staff at the end of last year. To be confident you’re partnering with a reputable adviser that can get the best results for your business, look out for a specialist that will provide: ●A multi-disciplinary team with a balance of tax credentials and hands- on industry expertise ●Policy-level insight in the latest thinking from HMRC ●A flexible approach that can be adapted to meet your unique business challenges.


Te three steps of a successful R&D tax relief claim: For electrical contractors across the UK, R&D tax relief offers established, tried and tested source of funding. But the incentive comes with nuances. Every business is different, of course, but in our experience, there are three pillars to a good experience: Value:You receive every penny you


“Companies need to be especially careful to seek advice from the right place”


deserve, no more, no less. Qualifying costs are easily overlooked, leading you to miss out. Time: A claim should not be time- consuming. Many advisers will push key tasks back to you, like capturing all qualifying costs and defining project boundaries. Risk: Vitally, a high-quality adviser will insulate you from risk. The risk of HMRC enquiry cannot be totally eliminated, but it can be mitigated. And in case it happens, not every adviser offers enquiry support as standard (always ask about this when negotiating a service contract). It’s on these three points where a specialist consultancy can make a big difference. For SELECT Members, now is the perfect time to carefully assess R&D tax relief and start claiming. Done right, the incentive can help transform your business and propel growth.


i


ForrestBrown is the UK’s No1 specialist R&D tax credit consultancy. We’d love to hear from SELECT Members. If you


have any questions or would like to find out more, get in touch on 0117 926 9022 or via email at amy.mcfall@forrestbrown.co.uk and mention you are a SELECT Member.


CABLEtalk APRIL/MAY 2021 43


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