R&D Tax Record Keeping
The TCF Way
1 - Initial Setup
Establish an agreed calendar of key dates for the provision of R&D records to TCF Services.
Record keeping audit – identify and fill any gaps within the current records kept to meet upgraded compliance standards.
Decide whether internal records will be upgraded OR R&D tracking software introduced as the best option for contemporaneous recording of data.
Work with client to populate the new R&D Project Plan template.
Identify the core, supporting and ineligible project activities within each project to be tracked via time-sheets to determine eligible portion of salaries that will be claimed.
Provide a new time-sheet template with identified R&D staff against activities determined.
Design customized technical reports template for monthly use by the clients R&D technical champion.
Establish how R&D costs will be linked to R&D activities on a quarterly basis to confirm the R&D costs are in line with budgeted expectations.
Write a report which outlines the internal records and processes that have been implemented, the agreed timelines for reporting and the roles and responsibilities of both the internal R&D champions and TCF consultative staff.
2 - Ongoing Support and Data Collection
Within 2 weeks after each month, the client’s nominated R&D champion/s should be in a position to provide the following data to TCF Services;
i) Weekly time-sheets by activity by person for the prior month
ii) a technical report as per template provided and
iii) ongoing completion of the R&D project plan each time a new project commences.
TCF will take a pro-active approach in ensuring all record keeping gaps are dealt with by way of checking the data, providing prompts to remind R&D champions to catch up with the work, providing further training or by filling in the gaps if required.
- R&D Project Plan OR Secure Cloud Based Software
- Time-sheets by activity by R&D person
- Technical reports
- Management accounts
- Contemporaneous data collection