Kirby & Haslam

RDI Has Gone Bust. What Do I Do?

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Picture this: You’ve been relying on RDI Solutions, or any R&D tax credits advisory firm, to support your latest R&D project. They’ve been instrumental in your research and development claim by submitting it on your behalf. But RDI has gone bust.

What’s your next move? In this blog, we’ll walk you through the steps to take if your trusted R&D tax credits advisor hits a rough patch, leaving your finances and potential refunds from HMRC in limbo.

Assess the Situation: RDI Has Gone Bust

First things first, take a moment to assess the situation with clarity and composure:

Review Financials

Assess the financial impact of the closure on your business. Determine if they were holding any funds relating to your R&D tax credits claim, any fees paid for their services, or any potential refunds due from HMRC.

Evaluate Risks

Identify any immediate risks or financial dependencies resulting from the closure. Understand how it may impact your cash flow and future projects.

RDI Has Gone Bust – Time To Secure Your Assets and Funds

Protecting your assets and funds becomes crucial amidst the uncertainty:

Retrieve Funds

Promptly seek to retrieve any funds held by the closed company, whether related to your R&D tax credits claim or feed paid for their services. Secure your financial interests to minimise losses.

Clarify Liabilities

Determine if there are any outstanding liabilities or obligations to RDI. Ensure clarity on contractual terms regarding funds held, fees owed, or potential refunds from HMRC.

Contingency Planning

Develop contingency plans to manage financial disruptions caused by the closure. Explore alternative advisors or financial institutions to safeguard your funds and pursue your R&D tax credits claim.

RDI Has Gone Bust: You Should Seek Professional Guidance

Navigating the aftermath of the closure requires expert advice and support:

Legal Consultation

Seek legal counsel to understand your rights and liabilities regarding funds held by the closed company. Clarify legal implications and explore avenues for recovering any outstanding amounts.

Financial Assessment

Engage financial advisors to assess the impact of the closure on your business finances. Explore strategies to mitigate losses and optimise cash flow amidst the disruption

Explore Alternative Solutions

While the closure may present challenges, consider alternative solutions to safeguard your interests:

Find Alternative Advisors

Begin seeking alternative advisors specialising in R&D tax credits claims. Look for reputable firms with experience in handling similar situations and ensuring successful claims.

RDI has gone bust – time to negotiate with HMRC

If applicable, communicate with HMRC regarding any outstanding refunds or payments related to your R&D tax credits claim. Seek clarification on the process for reassigning advisor or managing funds post-closure.

Kirby & Haslam: Your Trusted Partner in Uncertain Times

In times of financial uncertainty, having a reliable partner can provide stability and support. At Kirby & Haslam, we understand the complexities of R&D tax credits and the challenges businesses face. We’re happy to help guide you through uncertainties and ensure your financial interests are protected.

While the closure of an R&D Tax Credits advisor may disrupt your financial plans, proactive steps and professional guidance can help minimise losses and navigate the aftermath effectively. By assessing the situation, securing your assets, seeking expert advice, and exploring alternative solutions, you can protect your financial interests and continue pursuing your innovative projects with confidence.

If you’ve been affected by the recent closure of RDI, get in touch today. Yes, RDI has gone bust, however Kirby & Haslam is best placed to support you through every step of the process.