Beginning preparations for your R&D claim well in advance of the deadline is key to ensuring you secure the maximum claim. But what if your business is only in the very early stages?
Making your R&D claim is unlikely to be on your radar. Or, perhaps you know you’ve got loads of time before you need to make your claim, it’s two year window after all....what’s the rush?
Well, here’s just one reason why it’s important to be prepared: People Costs.
Meet Our Client – Intelligent Data Software Business
We delivered their first R&D Claim.
As a start-up business heavily focused on developing a software product to take to market; unfortunately, they hadn’t kept specific records of all employees R&D time spent.
This is perfectly normal for many businesses and so they reasonably estimated the time spent for a Project Developer over the last 3-year period, as 60%.
The Project Developer had a salary & pension of £50K/annum.
Working together for the future claim, we setup appropriate systems for timekeeping. For this client, this was through a monthly review, taking only 15 minutes at the end of each month.
When calculating the Project Developer’s time spent for the next claim, it was recorded at 70%.
That’s an additional £1,675 additional cash back, from, just 15 mins of work a month.
LET’S START NOW
We will work with your business, to establish the right systems now to monitor your people costs. Keeping in touch quarterly we’ll check these are still working for your business and make any required changes – we want to help maximise your claim.
Through establishing the right systems, the value of your claim is likely to increase. You’ll also have the peace of mind you’re claiming the right amount: no under, or over claiming.