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How Can I Be Sure I Get The Most From The R&D Tax Incentive And Avoid Audit Issues In The Future?

As you know, the R&D Tax Incentive is for businesses conducting innovation and developing new products or services. It’s a self-assessment as part of your application for the rebate. Therefore, you will need records that substantiate your claim. By records, we mean detailed documents and evidence that will satisfy the Government’s requirements. These requirements are stringent and very specific.

What to be aware of is, the Government have made recent changes that make it mandatory to have the right documents in place as part of the application form. If a request for documents is made as part of spot-checking of applications, you must produce the documents within 30 days.

To help you determine whether you are on the right track we have a Self Audit questionnaire you can complete and receive a personal report written by our consultants, complete it here.

We also have our R&D Tax Implementation Checklist that will allow you to assess how well you are keeping your records and what can be improved. By using our checklist, you will start:

  • Keeping all the right records to fully claim under the Tax Incentive
  • Find out how much more you could claim with the right records
  • Review the templates to see how quick and easy it can be to document your claim
  • Make it easier for your accountant by being prepared (Benefits you and your accountant)

Moreover, we have several Training Workshops and Service & Coaching options that can help you can keep you on track:

  • Instructor-Led Training Workshops: One of our instructors can provide personalised and comprehensive Training and Workshops for you and your team.
  • Online Training Course: Learn at your own pace with the Online Video Courses that also include a Template pack to get you started quickly.
  • R&D Tax Incentive Template Packs: Comprehensive template pack includes all templates that you need to prepare for your claim. All templates have instructions for each section, you can easily understand and fill in the templates.
  • Period Auditing Options: Arrange for our team to periodically spot check or audit your R&D projects to verify process adherence.
  • Monthly Coaching & Support Options: Monthly instructor access for assistance with R&D process optimisation, template usage, audits and governance.

If you are not sure what help you should get, please book a 10-minute meeting, we can help you to choose.

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