randd - R&D Tax Credits Experts’ Post

⏱️ Negotiating payment plans with HMRC is a lot harder than it used to be. 🥅 For individuals looking to set up a time to pay arrangement, the goalposts are always changing. 📞 Having regular contact with HMRC enables us to help our clients navigate these changes and reach an agreement that satisfies all parties. Forths Forensic Accountants #taxexperts #payingtax #HMRCNegotiations

HMRC have a clear strategy to challenge R&D in sectors where they consider: 1) the relief cannot apply; or 2) where they believe it is doubtful there has been a scientific or technological advance. Getting the right advice early on can be the key to successfully resolving the enquiry and also minimising the damage for future claims. Where it is disputed that the claim is valid, MKS has a proven track record of resolving disputes using HMRC's procedures such as statutory reviews or mediation (also known as ADR).

The Court of Appeals recently overturned the Tax Court ruling in Farhy v. Commissioner – this means that the IRS now can assess penalties for failing to file Form 5471. Penalties can be hefty: $10,000 per form, per year, up to a max of $60,000. Read more in our latest article: #IRS #taxcourt #businesstax #internationalbusiness

How do I appeal late filing penalty HMRC? Have you received a late filing penalty from HMRC? Don’t panic—there’s still a chance to appeal. If you have a valid reason for the delay, such as illness or unforeseen circumstances, you can appeal late filing penalty HMRC decisions within 30 days of receiving the penalty notice. It's crucial to act quickly, as late appeals may not be considered. Gather all supporting evidence and submit your appeal. Keep copies of all correspondence as you await HMRC's response. At Peer Accountants, we specialise in guiding you through this process, ensuring your appeal is well-prepared and submitted on time. Our expert team will help you present your case effectively, increasing your chances of a successful appeal. Don’t let a late filing penalty burden you—let us help you navigate HMRC's regulations confidently so you can focus on what matters most: running your business. https://lnkd.in/eY74y5Sp

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What is an audit reconsideration? When you disagree with the results from an IRS audit and submit a request to reopen the audit. #taxdebt #goldenliontaxsolutions #taxdebtresolutions #IRSaudits

🛑 HMRC's increased vigilance in examining R&D claims, coupled with its "volume compliance approach", has led to a surge in investigations 🚨 . = Unfortunately, many individuals within HMRC audit/compliance teams lack the necessary expertise and experience, posing a significant risk for companies with genuine R&D claims. These companies are now grappling with the potential of facing investigations and rejections, a situation that could have been avoided with professional assistance. = When it comes to claiming tax relief for research and development costs, the importance of accuracy and compliance cannot be overstated. It is important to only claim allowable costs and meet legal requirements while presenting your work in a way that aligns with the definition of R&D for tax purposes and is easy for non-experts to understand. This is a complex task that requires professional assistance to ensure your claim is accurate and compliant. = Even with all the compliant information in your claim, you may still face HMRC's compliance team, which may not possess the knowledge and expertise needed to determine your eligibility for R&D relief. As a result, your claim may be rejected. = Even if your claim gets approved, you may still face an investigation years down the line as HMRC adopts a "pay now, investigate later" approach. Therefore, it is essential to use the services of a specialist R&D Consultancy firm that can support you from start to finish and during an enquiry. Elevate R&D Solutions can assist you in accessing the services you need to ensure that your R&D claim is compliant and challenge HMRC's decision on your claim. 🚀 #RDtaxrelief #compliance #taxcompliance #RDtaxcredit #innovation #RDtaxcompliance #RDTaxcreditexpert #RDfunding #UKBusinesses #innovativeproducts #Elevaterds #RDinquiries #RDinvestigation #RDspecialist #RDTaxconsultancyfirmUK #RD #researchanddevelopment #researchanddevelopmentcost

HMRC has increased their scrutiny on R&D claims, with one in five now facing compliance enquiries. These checks do not necessarily invalidate your claim but rather reflect HMRC’s desire for greater confidence and more detailed confirmation on the nature of the R&D activities you have claimed. Learn more about what to do if HMRC enquires into your claim and how our team of specialists can help below.

Worried about the daunting prospect of an HMRC investigation? Not sure how to safeguard your business? We've got you covered! Our latest guide explains what triggers HMRC investigations, what you can do to protect your business against potential scrutiny, and how we can help should you be chosen for an investigation. Read our blog: How to protect your business from an HMRC investigation https://lnkd.in/eX6bG7nv

the subject of dealing with HMRC investigations. --- Ever felt a cold sweat trickle down your back at the mention of HMRC investigations? You're not alone! It's an unnerving experience, especially for our clients with business proceedings in the UK and Cyprus. 😰 🇬🇧 🇨🇾 But here's the real stinger - the overwhelm, the uncertainty, the sleepless nights. It can feel like you're navigating a maze without an exit. Those days are over! 💡Our 'Strategic Guide for HMRC Investigations' is your flashlight in the dark. No jargons, only clear-cut guidance illuminated with actionable insights. Ready to shed some light on those taxing issues? Join us! Let's tackle HMRC investigations together. 💪🔦