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One of our clients had a rather unfortunate experience with an R&D company they didn't vet thoroughly. While there are numerous R&D firms advertising large refunds and promising the moon, it's essential to recognise that not all can be trusted. In this instance, our client was expecting a refund from HMRC due to an R&D claim filed by the chosen R&D firm.
HMRC processed the claim and deposited £22,000 into the bank account specified on the tax return, which, it turns out, belonged to the R&D company. This is a standard practice, as the R&D firm usually takes a commission before forwarding the remaining balance to the client. However, in this case, our client received neither the balance nor any communication from the R&D company.
To make matters worse, HMRC then sent a letter disputing the R&D claim and requesting the return of the £22,000. When our client tried to contact the R&D company for clarification, they discovered the firm had vanished, becoming completely unreachable.
The result? Our client was left to deal with a £22,000 bill from HMRC, all because they didn't opt for a well-established R&D company.
We don't want to see this happen to other business owners. If you need assistance with any Research and Development tax relief matter, get in touch with the Blue Rocket Accounting team today on 01322 555 442 to speak to one of our knowledgeable, qualified and reputable team members.
