Innovation and tax advisory

The experts

Claiming innovation and creative reliefs incentives efficiently and safely can be challenging. The definition of R&D for tax purposes is broader than most companies expect and the Legislation and Guidance are nuanced so it’s important to have a full understanding of the rules to ensure you only include allowable projects and don’t exclude significant costs unnecessarily.

Our dual-background science and tax experts can help you get the most out of your claim, keep your claims defensible and the process efficient.

If you are undertaking projects that face technical challenges, there’s a good chance you are already doing qualifying R&D. We can help increase the size and defensibility of your claim while also making the process easier for you so your team can focus on what they are best at.

 

The process

We are a forward-looking practice. Rather than reacting to HMRC’s recent changes, we work with our clients through our R&D 3.0 approach to plan their R&D claims as soon as the projects begin so claims are easier to defend and more efficient to produce. As an energetic practice, we can adapt our methods to each client’s existing business needs.

 
 

  • R&D in construction often arises from turning a design or concept into a practical reality efficiently and safely. Retrofitting, on-site ground conditions and energy efficiency targets all create constraints that mean solutions might not be readily deducible.

  • Uncertainty in how to develop new irrigation or fertilisation blueprints, deal with specific weather and soil conditions can produce qualifying R&D.

  • Challenges in achieving specific flavour or texture profiles or developing products compatible with restricted diets can all create qualifying R&D.

 
 
 

The knowledge

Where most R&D consultancies need to split your claim preparation between their technical and financial staff, all of our team come from an engineering or scientific background, and are tax-trained as well.

This gives us the edge when developing the most effective claim strategy for you, and means we can present your claim to HMRC the a way that best highlights the technical challenge.

 
 

  • Claims in manufacturing are often substantial. Qualifying projects can include efforts to create new products or improve efficiency in existing systems.

  • Many projects aiming to develop and apply new software systems to meet your business’ needs will create qualifying work, but it is important to look past the user interface to describe the underlying technology.

  • Whether you’re working to reduce emissions, develop sustainable fabrics, cosmetics, cleaning agents, or energy sources, facing technological challenges in how to turn those concepts into a practical solution can create qualifying R&D.

 
 
 

The results

An exceptional technical background, coupled with an exhaustive knowledge of the R&D Guidelines and relevant legislation allows Stonebank to take a more detailed and nuanced approach to project discovery and help businesses obtain their full entitlement, while mitigating risk and providing a range of claim options.

We regularly find ways to optimise our clients existing claim method and our R&D 3.0 approach means we can help develop a pro-active strategic plan to R&D for the long term.

 
 

  • Our technical team is led by a former academic researcher and PhD in nanomaterials. We can approach your projects with a technical eye to quickly understand the challenges you’ve faced and present them in the best light.

  • We’ve also developed a deep understanding of the R&D Guidance (the BEIS Guidelines) and the relevant Legislation (Corporation Tax Act).

    Unlike some advisors, we’re governed by the PCRT professional conduct guidance laid out by the Association of Tax Technicians and Chartered Institute of Tax, to give you confidence that your claim will be handled expertly and responsibly.

  • As a result, rather than needing to split the workload between technical and financial teams, your claim will be handled by all-rounders who understand your claim from end to end. This helps keep you informed of your options and makes sure the claim is as detailed and robust as possible.

 
 

Let’s Work Together

We’re always looking for new opportunities to collaborate with accounting or tax-advisory partners to deliver an effective service. We offer training, ad-hoc claims assistance, enquiry defence consultation and more. Get in touch to find out how we can help your firm and your clients.