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Wild west?
Key points
- Poor standards of advice in the research and development sector.
- Importance of considering the definitions in the BIS guidelines.
- HMRC does not scrutinise enough R&D claims.
- Wrong assumptions made in marketing literature.
- Is an accreditation scheme the way to proceed?
The tax advisory profession is a remarkably broad sector with a huge number of interesting and complex niches. Research and development (R&D) tax relief is one such niche offering in-depth exposure to the financial and technical issues that companies face.
Andrew Hubbard discussed some concerns he and others in the profession have on the nature of the advice given by some specialist R&D advisers in ‘Researching the researchers’ (Taxation 10 September 2020 page 8). I share those concerns and in this article I will develop some of the points raised in particular the claims themselves.
Advising on R&D tax...
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