We have a multi-disciplinary team allocated for each client and this includes a member of our tax team who has overall responsibility and project manages the claim process. The team also includes sector specialists and input from two former HMRC inspectors who specialised in R&D tax credits.
The first step is a telephone call which will take approximately 30 minutes with your finance and projects teams to identify the information needed relating to costs and projects. We work with your existing systems and records and we won’t ask you to complete endless forms or spreadsheets. We do all the work so that you don’t have to.
The next step is for us to review projects and costs, evaluate the records available, design and agree to the methodology, project interviews, and report production. We will work to maximise your claim by understanding the full extent of your qualifying activities and costs. Our team of specialists will work directly with the relevant experts on your team to identify the full extent of your qualifying R&D and relevant qualifying costs. This will take about half a day of working with your finance and project teams. (Our experts will be working for 2 to 3 weeks with this information on formulating your claim.)
We understand that all businesses are different and our quality assurance specialist will create a document for you to review and approve. It will include a description of the R&D activities you have carried out, the associated costs incurred and the methodology behind how we have reached the total benefit figure. It usually takes around 2 hours to read the reports, approve them and check the numbers. The claim will also be reviewed in detail by our former HMRC tax inspectors. The average time from our first step call to receiving your benefit will be around 10-12 weeks, with only 6 to 7 hours overall of your company’s time needed to complete a claim.
From submission, it usually takes about 4-6 weeks for HMRC to process a claim and for you to receive your R&D Tax Credit.
Innovation in Life won’t charge you unless your claim is successful, so there is no risk to you or your company. Our fee is a percentage of the refund you receive and includes the full service provided, there are no hidden extras. We will only charge you for this once you have received your refund.