How Accountants And R&D Tax Credits Specialists Work Together
Partnering up with a specialist R&D tax and funding consultancy brings substantial benefits for both your firm and your clients. Find out how.
A ‘one-stop’ shop
As a busy company accountant, are you finding your clients increasingly qualify for R&D Tax Credits? If so, then partnering with an experienced R&D tax and funding consultancy like Myriad Associates could bring about all sorts of benefits not just for your clients but your own firm too. Not only do you make sure they receive the best R&D funding advice possible, in working together with our team you’ll offer them a ‘one-stop’ shop for all their tax requirements.
Myriad Associates has been in business nearly twenty years and we know first-hand the difference collaboration makes. We’ve worked with dozens of accountancy firms over the years, providing expertise and knowledge that means you can be confident in giving your clients the service they deserve.
Our team will work with yourself and your clients to gain a full understanding of their company, their R&D projects and their financial position. We’ll then work to piece together a highly optimised, successful claim that will sharpen your own reputation and bring in extra revenue for your firm too.
In this article we look at why accountants and R&D tax specialists go so well together - and why going it alone simply won’t cut it.
Why is it so important to get right?
No one needs reminding that economically times are tough. Missing out on a tax rebate which your clients are rightfully entitled to is a real wasted opportunity, as the resulting financial boost can be used in any way a company sees fit. The relief is also claimable by any size organisation in any industry, so for SMEs in particular it could be a vital lifeline.
R&D Tax Credits in the UK can cover as much as 33 pence of every £1 of R&D expenditure, making it one of the most generous tax relief schemes around. The credit can be used to offset both current and previous years’ Corporation Tax liabilities, with loss-making companies able to receive cash payments instead.
So if any of your clients’ companies have recently developed a brand new product, process or service from scratch, or updated an existing one in an appreciable way, we strongly recommend going through our R&D Tax Credits page for further information.
Recognising eligible costs
When it comes to eligible R&D costs there really are too many to list. Indeed a huge range of project types and expenditure can be included, and the scope here is particularly broad.
Common expenses that companies include in their R&D Tax Credits claim include materials and software costs, staff wages and subcontractor costs, employer NICs and pension contributions and overheads like fuel used up in the R&D process. Without understanding exactly what all the eligible costs are and how they should be accounted for, it’s incredibly easy for your clients to over or under claim. Remember too that R&D Tax Credits are not dependent on whether a project was actually a success or not, but whether any scientific or technological advancements were made. And this isn’t always easy to get across!
Streamlining your clients’ experience
When accountants and R&D funding specialists work independently from each other, there’s always the risk of some doubling up. Questions are asked (and answered) more than once and the whole process can be slower and more cumbersome.
Your clients’ time is precious and duplication isn’t helpful. At Myriad Associates we can speed things up by taking all the information we need from the records your firm has on file. We can then work directly with your client on the technical aspects of their claim, putting their needs first. This adds huge value to the service your firm offers - and it won’t go unnoticed.
Maximised R&D Tax Credit claims
You care about your clients’ success, and so do we. That’s why we make sure every eligible penny of your clients’ tax relief is claimed.
Our specialist team will go through your clients’ project in detail so that every single eligible expense is included. This isn’t always easy and all too often we’ve seen businesses lose out on substantial amounts of money unnecessarily.
Larger claims mean happy clients after all.
Working with HMRC on your client’s behalf
At every stage throughout the application process, our team scrutinise each claim to make sure it fully adheres to HMRC’s strict criteria. However, sometimes HMRC will get in contact to ask further questions once the claim is submitted. This could be because there’s a query around the calculations or simply for random testing purposes. If HMRC still isn’t satisfied, it’s within its rights to launch an enquiry - and if this happens, both accountants and their clients will need a team of R&D experts on their side.
The Myriad Associates team are in the best position to advise both you and your client on how best proceed. We will also guide through the correct process, and have extensive experience of all eventualities.
In practical terms, we will:
- Contact HMRC on your client’s behalf to make them aware we’ve taken their case on
- Answer any questions you or your client may have, and allay any worries
- Get together with you and your client to review the claim in full, as well as all HMRC documentation and correspondence
- Re-develop the claim and strengthen it to better withstand HMRC scrutiny
- Engage in negotiations if an error has occurred
- Where there are no errors (which is highly likely to be the case if we’ve been fully involved prior to submission) then we’ll defend the full amount on your client’s behalf
Speak to the R&D tax and funding specialists at Myriad Associates
Technical knowledge and complete accuracy are essential ingredients in any R&D Tax Credit claim. The Myriad Associates team is able to complete the whole application process remotely from our bases throughout the UK and Ireland. This reduces stress and hassle for both you and your clients, and of course is much easier during COVID-19 restrictions.
We pride ourselves on providing the advice and professional services your clients need in devising a fully optimised R&D tax claim first time. For more information or to start your claim, send us a message or call us on 0207 118 6045.