Company Location: USA
Clearpoint Ventures was offered the opportunity to prepare a new R&D Tax Incentive claim after another organisation had not met the client’s expectations.
How we helped:
We provided immediate assistance, flying to the USA at our own cost to work in-house with the scientific staff and management team. This allowed us to accurately scope and prepare the current claim, educate staff on the process of R&D Tax claims, and use our expert knowledge to identify and validate all eligible R&D Tax activities and associated expenditure with substantiating evidence.
We helped implement simple systems to streamline our client’s R&D Tax claim processes to capture and record the company’s eligible R&D activities and the expenditure related to those activities.
After conducting a thorough review of the qualifying R&D work, together with the newly implemented systems, we prepared a new R&D Tax claim, which resulted in identifying additional hundreds of thousands of eligible dollars ineligible costs that the company was able to claim as refundable tax offsets.
Following the preparation of this claim – at a fixed fee, the company requested us to review the R&D Tax claim prepared by the previous consultant. Using our detailed analysis and scrutiny of activities and costs, we were able to identify a significant amount of eligible costs that were previously overlooked.
This resulted in an increase of about 20% of the previous claim, translating to a few hundred thousand dollars in additional tax refunds.
Furthermore, our knowledge of the global life science community, combined with the extensive networks that we are a part of, has enabled us to offer advice to the company’s management on other research-related matters.