Avoiding Costly Mistakes: How Good Record-keeping Can Help Secure Your R&D Claim

To substantiate Research & Development (R&D) claims, businesses must maintain proper records. But with HMRC scrutinising claims, providing supplementary evidence is challenging. Our experts offer tips on good record-keeping practices for R&D tax credits.

The R&D scheme is here to stay with a welcome increase in the cashback rate for R&D intensive SMEs introduced. However, the scheme is becoming more and more complex with new requirements and having the SME credit split in two depending on the spend profile of your business. The key thing your business needs to do is prepare for these changes and provide sufficient information to support your claim to avoid any costly mistakes. As HMRC is requesting further information from clients, it's more important than ever to maintain good record-keeping to submit a successful R&D claim.