about us | executive
We are passionate supporters of the view that healthy technology-based
industries, underpinned by a thriving science base and advanced
manufacturing capabilities, are essential to the future prosperity
of the economy. Maintaining a competitive position requires constant
innovation and the Government’s R&D tax credit scheme
is an important source of support for innovative projects.
R&D tax relief is not like any other area of the tax system.
Not only is the tax legislation associated with the scheme a highly
specialised area in its own right, it is unique in that a successful
claim is based on its scientific or technological merits.
This means that the claim process cannot be fully handled by tax
personnel alone. It also means that, whilst still part of a company’s
broader tax picture, R&D tax credits can be readily ‘unbundled’ from
other tax projects.
At Pronovotech we combine specialist skills and knowledge in the
R&D tax credits system with practical experience in technology
to help clients submit high-quality, sustainable claims. We can
work in conjunction with your existing accountant or tax adviser
in order to manage the claim process, from gaining an understanding
of your tax profile and R&D project portfolio in order to assess
the level of benefit potentially available, through to working
with Her Majesty’s Revenue & Customs (HMRC) to agree
Today, HMRC has specialist R&D tax districts that either deal
directly with R&D claims or support Large Business Service
inspectors as appropriate. Ideally, the initial claim submission
will present the technical, tax and accounting information necessary
for the inspector to evaluate the claim; if not, or if some areas
of the claim are unclear, he or she will come back with requests
for clarification and further justification.
approach to enquiries today is generally very constructive, preferring
face-to-face meetings to the old tradition of lengthy correspondence,
it’s far better to pre-empt any queries by presenting the
right information with the tax return itself. When HMRC does raise
queries, any ensuing discussion must be handled carefully and at
Pronovotech we have extensive experience of helping clients to
agree their claims with HMRC, even when prior discussion has stalled.
We have worked successfully with clients across a wide range of
sectors including aerospace, automotive, electronics, telecommunications,
nanophysics, software and food.
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