How Important is a robust Technical report in R&D claims?
By Brenda O'Leary Published On March 8, 2021
It is important to understand the necessity of a well written Technical Report for companies submitting R&D Tax Credit claims. A solid report will back up your claim and in most cases is a deciding factor whether the claim is successful or not.
Here we will look at the benefits of engaging with the experienced consultants in Braithwaite to assist you with your supporting evidence.
What is a Technical Report?
The report is a detailed and structured summary of the projects considered for the Research and Development Tax Credit and concentrates on the technical justification of projects to satisfy Revenue requirements.
Specialising in this field and knowing the guidelines and requirements separates us from the rest to be able to scientifically and technologically dissect each project, analyse the information, narrate and draft the reports.
We have over 30 years’ experience in identifying, maximising and presenting winning reports for your peace of mind.
Is this Technical Report similar to that required for my grant application?
Absolutely! This report is very valuable to any company and serves as a dual purpose.
How will it be compiled?
Once our team has identified eligible R&D projects in the relevant accounting period, we engage in technical discussions with the technical leads in the claimant company and take it from there!
We collate your project information, analyse and process it and in tandem, review the financial elements of the claim. It is important that we identify possible areas where eligible activities may have been missed or where the percentage of activity is under claimed.
The report will focus on addressing and highlighting where the company has solved a scientific and technological uncertainty or challenge that needed solving for example. It will feature the main stakeholders involved in the project and their input levels. The claim will be backed up by a clear, concise, and credible report that will withstand any external scrutiny.
Can I file without a Technical Report?
The answer is no. Many companies have and learn the hard way unfortunately!
Revenue can audit your claim up to 4 years after submission. The defence process of a the claim in case of an audit is laboursome and an additional financial burden. Not to mention the hassle with looking backwards and digging out information from perhaps colleagues who have moved on.
By engaging our expert consultants, your claim will be professionally assessed from the outset and you will be provided with the correct technical and financial templates and supporting documentation.
This helps streamline your R&D processes for future claims by cutting down on the administration with the introduction of a new smoother process from our team.
Using the Technical Report for my RD&I grant application
Many of the leading lending bodies such as Enterprise Ireland and the IDA require detailed technical reports as part of the funding application. A well-researched and structured report including the technical description of the project and capturing the various project planning elements required to successfully deliver the required outcome will be required.
