The preparation of an R&D Tax Incentive Registration form can often spur feelings of love and hate in equal measure. Love – because if eligibility requirements are ratified, companies can obtain a generous cash rebate or a reduction in payable tax. Hate – because determining entitlement and the concept of drafting the registration form alone can be bewildering and arduous, with a potential audit a haunting concern.
However, the R&D Tax Incentive is more broadly applicable than people realise. Rather, the incentive should be considered more “technical problem solving” of commercial nature and not purely limited to the more conventional “white coat” research. If you are a firm who uses technology as a foundation for creating new or improved products or services – and the development involves investing in a degree of experimentation or prototyping – there’s a high likelihood you may be eligible for the R&D Tax Incentive.
Nonetheless, the process of applying for the actual claim remains bewildering. Hence, a company may wish to seek external assistance to help identity their R&D eligible activities. Many accountants are not acquainted with the ins-and-outs of the R&D Tax, thus you may wish to consider a consultant that specialises in the area. Ensure whoever you use is a registered tax agent with the Tax Practitioners Board as it is a legal requirement.
Swanson Reed is a registered tax agent specialising in the R&D Tax Incentive. We have a flexible fee structure and can negotiate fee arrangements with our clients. This is why we offer a number fee options for clients to choose from. Our traditional fee options include:
Contact Swanson Reed to discuss your eligibility and learn more about how the R&D Tax Incentive may benefit your business.