Accountants missing R&D trick, says Jumpstart

Accountants are missing out on clients who could be eligible for research and development (R&D) tax credits, according to an R&D specialist.

Jumpstart’s senior business analyst Paul Wigley spoke about opportunities at the IFA’s regional annual conference in Birmingham last week. 

During his presentation, Wigley said some practitioners may be overlooking industries where R&D is potentially applicable, due to it commonly being applied to scientific, technological or IT-related areas. 

"The challenge for us is to get accountants to understand the types of areas that could qualify for R&D tax credits. Most would look at this scheme and think if they haven't got a white labcoat the likelihood is they're not going to qualify.

"But as long as someone's...

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Comments

Salesmen or tax advisors?

secondhand_22 | | Permalink

The R&D salesmen are out in force again.  How much of the claim do you want?

Makes a change from the capital allowance salesmen I suppose.

Btw - I read an R&D report from a 'specialist' (specialist in the sense that is all they do, definitely not in terms of expertise I would suggest) that was completely templated and contained minimal bespoke wording.

Crucially it made huge errors such as a failure to look at the risk of work undertaken for others being subcontracting and whether that precluded a claim or meant only large scheme claim possible.

Still, the binding was nice.  Fee was bulky I hear.  I hope they don't get an enquiry.

One day I'll tell you all about the CA report that had 1 bespoke page out of 60.  That page broke down the costs into about 6 categories and took no account of integral features rules for more recent extension work.

I'm sure Senior Business Analyst Wigley is awesome at R&D of course.  Just talking about some others I've come across

R & D

BBS4TAX | | Permalink

Hi there

 

i am looking into the tax relief available for a few of my larger clients and would appreciate any feedback eg should i use a specialist or prepare the R & D file myself with the client's assistance ?

thankyou