The HMS Software TimeControl timesheet system has been used for years by organizations that must meet exacting standards for Research and Development tax credit audits. R&D tax credits are offered all over the world including the US, Canada, the UK, Australia and throughout the EU. These programs are designed by governments to provide incentive for organizations to do innovative work within their jurisdiction and they’ve proven to be highly effective. The programs can return millions to the organizations which take advantage of them but with those kinds of benefits, you can be sure that there are some reporting strings attached.
R&D programs we’ve encountered all require that the work that is claimed be tracked at a task level with some tasks being eligible for the claim and some not. This cries out for a timesheet system and TimeControl fits the bill. The TimeControl timesheet system is flexible enough that it can be used by project management, payroll, HR, Finance as well as the Research reporting team to provide the reports and the audit trail for all the work required.
HMS has just made a number of new tools and resources available on the TimeControl R&D Tax Credit Solution Center which includes an extensive white paper explaining R&D claims and how TimeControl can help create an auditable environment for R&D Tax return reports, a webcast describing the R&D programs HMS has encountered and demonstrating a TimeControl system that has been configured for R&D, slide shows, case studies, letters from clients and a list of links to online resources from the tax departments of several countries and jurisdictions we’re most familiar with.
Take a look at the R&D Tax Credit Solution page on the TimeControl website at www.timecontrol.com/solutions/randd/.