What records should you keep?
The following documents are regularly used for substantiating R&D claims:
- Staff time sheets (although it recognised that many small companies do not do this, we recommend you do when claiming R&D)
- Notes from team meetings relating to the R&D project
- Business plans, information memorandums, investor pitch decks
- Collection of material from background research and scoping
- Technical documents, including the results of testing on the product, idea or service
- Notes and updated records which track the progress of your R&D project