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The legislation and guidelines around R&D tax are ever-changing and clarifying over time; in particular, HMRC has sometimes been vague about their general requirements in information from companies claiming R&D tax.
However, time brings increased clarity in what specific documentation is most valuable. As such, we can provide improved guidance on what documentation you should keep close track of as you continue claiming for R&D. This is especially worth bearing in mind for new projects, but it is also relevant for ongoing projects.
This includes the following documentation focusing on details relating to the timeline of a project:
Internal documents proposing the project.
Documents or correspondences regarding the progress of the project:
Mostly patient notes and formal write-ups. These are particularly useful if they contain a discussion of the difficulties of the project and changes that needed to be made during the relevant period.
May also include email or group texts/messages in rare cases.
Photography or video evidence of a particular surgery or procedure.
Details of a new drug being trialled, with composition information in the event that it is a new formulation by your company, even if only a modified formulation.
Calculation tables and results from antimicrobial assessments.
Results from physiological testing.
Copies of any scientific publications in journals made as a result of the project, even if these are still in the draft stage pre-publication, are just about the best evidence there is.
Relatedly, any documents that show the eventual success or failure of the project’s goal will likely just be the latest patient notes, but in the case of a new process or product.
Any identifying documents showing specific employee involvement.
If you, or anyone you know, want to discuss our R&D tax and/or R&D grants services in more detail, please contact us via info@minervainnovation.co.uk or 0141 378 4969!
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