Research & Development FAQs
Do I have to refile my accounts if I apply for R&D tax credits?
The short, satisfying answer is no, you don’t have to refile your accounts with R&D Tax Credit claim amendments. This is because your accountant can simply record it as a prior year adjustment in your following year’s accounts.
The SME R&D Tax Credit scheme and the large company RDEC scheme have separate, different accounting rules. The good news is that neither one requires you to restate your accounts. Both allow for R&D monies to be part of next year’s accounting period as a ‘prior adjustment’.
Once you’ve had your first claim accepted, we line everything up so your R&D claim matches up with your corporation tax return and accounts time periods. By getting it in before your other deadlines, you end up with lower liabilities and extra cash.
We work with your existing accountant to ensure that your accounting processes are streamlined to include your R&D claim and optimise your overall financial position.