Getting compliance ready is a crucial part of R&D planning. In layman’s terms, it’s having all your ducks in a row. This means your systems and processes are in place to identify, evaluate and record eligible activities and expenses.
Good planning & robust systems
Well-thought planning coupled with agile business systems and process, help improve your company’s success with the R&D Tax Incentive program.
Understanding how you can capitalise on your investments is key. You need to know what sort of information you need for your claim. This can include:
- Technical project documentation
- Meetings with project & technical staff
- Financial management systems
- Business plans and project approvals
- Enterprise management systems
- Income tax returns
- Annual financial reports
- Prior year claims and established processes.
Is your company compliant?
Alongside good record keeping, effective R&D planning requires business owners to have a clear understanding of their compliance obligations. The Government might ask you a few questions as part of their risk review procedures, so it’s good to be prepared if you’re on their list.
You might be asked questions like what new knowledge you’re seeking to find and if any of your activities were specifically excluded. While all of this can seem overwhelming, this is where effective planning pays off.
Do your research on eligible R&D activities. Review and understand the requirements. Create a template for evaluating projects and activities. And lastly, make sure your systems are in order.
Here are a few useful tips:
- Align R&D tax requirements with your processes. Consider things like your accounting and project management systems.
- If you’re a big business, develop a detailed R&D Tax Incentive Manual. This can help employees understand the tasks and processes involved with preparing the claim (and keeping the appropriate records).
- Train the people in charge of tracking expenses on the eligibility of R&D activities. Empower them to monitor eligible activities and expenses.
You don’t have to go through this alone. We’re here to help you understand general knowledge and benefits of the R&D programme, the eligibility criteria, and the how to’s when it comes to filling out your application.
These grants are in place for a reason – to support your business growth. We’ve worked with start-ups, entrepreneurs and exporters to help them claim free money from the Government. And we can help you too.
Use our knowledge to get your access to money to inject back into your company. We’ll make sure you don’t miss anything, so that your application stands out. Forget all the smoke and mirrors. We’ll simplify the process for you, so you can take one step at a time.
If you’re unsure whether you’re eligible to apply for the R&D Tax Incentive, we can help. Contact us today {link to contact page} to book in your free consult with Ray to plan for your R&D grant.
Let’s get together to discuss and review your eligible R&D activities. Together, we can take your company to the next level, with R&D Government funding.
More money. Less stress.
