Choosing the right research and development (R&D) tax firm for you is a very important decision.
You want to ensure that your adviser is able to prepare a thorough R&D tax claim whilst maximising your R&D costs and reducing the chances of an enquiry. Another aspect to consider is saving time during the preparation, submission and after care.
If you are currently claiming R&D tax relief with a R&D adviser and want to switch, you should always review your existing contract with your adviser.
This will lead you to three options:
- The contract includes a lock-in. A common clause in the R&D tax industry is a multi-year lock-in, where you are locked into working with your adviser for a number of years. This is normally 3 - 5 years. You will need to read the contact to identify potential opt-out clauses.
- The contract includes a lock-in and the time limit has expired. You are free to switch R&D advisers.
- If there is no contract in place, you are free to switch.
How to leave your current adviser?
This is an easy process. You inform your current adviser that you no longer wish to use their services and you choose your next R&D tax adviser.
When considering your next R&D adviser, you should assess their understanding of R&D tax.
Red flags include:
- Lack of industry experts
- An unclear claims process without the need for technical meetings with your competent professionals.
- No enquiry protection
- Contractual lock-ins
- Not providing you with the final technical and financial report
What should you look for when choosing the right R&D adviser?