Experience focusing on the right details of the project (SR&ED consultants have in-depth knowledge of the government incentive program and will ask your team Scrum Schulung specific, relevant questions to save time and ensure your company gets every dollar it’s due) .
A scientific perspective on maximizing your SR&ED claim
Ability to view your technological progress from a scientific perspective to maximize your SR&ED claim. (Consultants find more qualified work by looking at your technology from multiple angles, including projects and support activities to maximize the dollar value of your SR&ED claim). Ability to effectively communicate the process. (SR&ED consultants typically have a key turning process that is streamlined to keep things running smoothly and save you time so you can focus on other business operations or product development. The ability to methodically communicate the process makes it easier process and making sure everyone is doing it on the same page from the start).
Defending your SR&ED claim: full support in case of an audit; Reducing the possibility of rejection. (Some SR&ED advisors will communicate with CRA reviewers on your behalf to protect your SR&ED claim and provide supporting arguments should the SR&ED filing be challenged.)
Accurate records to support your claim. (Advisers will guide you in preparing the correct supporting documentation and help you structure your SR&ED claim accordingly).
Companies with time/project management
Proactive time tracking support – support your company with time/project management. the technical description and write it in a way that is consistent with the program criteria. (CRA has reduced the character set to ensure only major technological advances are included ) .
SR&ED program requirements inside
SR&ED consultants understand the requirements of the SR&ED program inside and out. Some consultants have both a financial and technical background. (The SR&ED is a complicated program that involved collecting paperwork, a technical description with strong supporting arguments, and a financial part. SR&ED consultants prepare the claim your accountant must file with your taxes). It is critical to understand the SR&ED Rules and include supporting arguments relevant to the advancement of technology or improvement of a process, triggering an audit to verify the entire claim as it does not focus on technology or scientific advancement. Additionally, smaller companies will contact the CRA to facilitate reimbursements).
Technical know-how to suit your business niche. (When selecting the right SR&ED consultant for your company, you should ensure that they specialize in your business niche and have the industry knowledge and experience to fully support your SR&ED claim. Assignment of junior or non-industry/non-industry consultants. experience is detrimental to your SR&ED claim as they may not use the correct industry jargon and may not be as effective at defending or providing supporting arguments).
Which tax forms to use
Understand the language of the SR&ED program, including schedule deadlines, terminology, and which tax forms to use. (As with any business, you must understand the business and industry to be successful. It is important to consult your advisor/SR&ED service provider before deciding to make your claim. Always ask for references/ Testimonials and select a company/consultant that has a proven track record.)
If you do not initially qualify for an SR&ED claim. Some counselors will guide you and offer advice on how to prepare effectively. Also, because consultancies are connected to industry networks, they can have important strategic relationships that would help grow your business. Such insights may be provided to you as part of the Service.
Training for your next SRED claim. (Some SR&ED advisors offer hands-on training in SR&ED tax credit preparation. This includes training your team to understand which areas are important to SR&ED and specific record-keeping habits.)
Ambiguous with many gray areas
The SR&ED program can be ambiguous with many gray areas. SR&ED consultants are focused and understand how it applies to your development. (The SR&ED program is not black and white. There are many ambiguous activities that can be considered eligible SR&ED expenses. These are typically support activities for core research and development that you cannot do without each other.)
Consultants save you time to focus on product development/business operations (the time you would spend educating your internal resources on the complexity of the program would generally be greater than the dollar amount it would take to hire an SR&ED experts).
Spend less time and get more ROI while freeing up internal resources. (Your development team can focus on what they do best, which is product development, and maintaining its momentum is efficient instead of boring them with mundane, convoluted tasks that in turn work against you and can fly flags when done wrong) .
Insufficient or contradictory
consultants will not put your company in a position that would impede your claim. (These failures result in audits and red flags with CRA) (It is critical to only focus on technological advances/challenges and not on business/marketing/sales or other unrelated activities). Poor correlation between the technical reports and financial reports could also trigger a CRA review. (The financial report should reflect your technical report and consistently support your SR&ED claim). SR&ED Consultants are constantly changing – SR&ED Consultants are up to date and keep abreast of recent program changes. (CRA legislation changes from time to time and it is important to keep yourself up to date so that your application reflects these changes).
Fees for success and taking the risk
SR&ED consultants generally use contingency fees for success and take the risk. (If for whatever reason your SR&ED consulting firm cannot recoup your development costs, there is not a penny that would come out of your pocket. This protects clients and motivates the consultant(s) to work hard).
Consulting firms often package your personal/corporate tax, business advisory and other financial services as part of the SR&ED service. (Your company may find it convenient to consolidate financial services that involve your SR&ED claims preparation into one service provider. Some SR&ED advisors may offer you a package that would ultimately lower your SR&ED rate.
Empowerment through Education – Some tax credit firms that provide SR&ED services have a network of resources and extend education/training on how to grow/market your business/ product.
to your location for meetings
SR&ED consultants generally try to meet your schedule and some even meet after business hours) Able to work remotely . (The ability to complete tasks remotely is always a plus. Some SR&ED consultants have streamlined their process to work remotely. This includes Skype meetings, exchanging emails, and general conference calls for operational purposes ). When choosing the right SR&ED consultants to work with you, make sure you check their qualifications. This includes testimonials and a proven track record for your industry/business niche.)
Presentation and overview of the R&D program for your team. (SR&ED consultants introduce the SR&ED program to your team so that they are aware of the process.
Sr&Ed Cost Sr&Ed Advisor
Evaluation of Eligible Expenses and Estimated Reimbursement Amount in SR&ED Dollars (In addition to determining eligible SR&ED expenses, SR&ED consultants may provide an estimated estimate of the dollar value of your submission so that you know the eligible amount to expect in a form of a check . ) Prepare tax schedules to attach to your corporate tax return (SR&ED consultants will correspond with your accountant(s) and provide you with the appropriate tax forms. Some consultants will help you fill in the correct fields when filing your corporate tax return. Other SR&ED firms will suffice They file the claim for you, they have the software and submit it to CRA. )