How Online Accountants And The Tax Cloud Go Hand In Hand
The Tax Cloud portal perfectly lends itself to online accountancy firms and their clients. Find out why.
Remote access 24/7
Online accountants have grown in popularity over the past few years thanks to advances in digital technology and the integration of new web-based solutions.
Usually online accountants don’t have a bricks and mortar premises, or the associated overheads. These savings can then be passed on to the customer or reinvested into the business, making them better value over traditional office-based setups.
Online accountants of course deal with all the typical work of tax returns, payroll and fielding financial queries. But as time moves on they’re also expected to cover more niche areas as standard, such as R&D Tax Credits. This is where fully supported cloud-based systems like Tax Cloud really prove their worth.
Why online accountancy firms are thriving
Clients don’t have to physically meet with online accountancy firms to hand over paper files. Everything is managed remotely instead via cloud-based programmes, email and phone/video calls. Files are sent securely online and can accessed at any time by both parties.
In modern accounting, particularly during the pandemic, working solely online makes complete sense. Everything businesses do is accessible via digital channels, making online accessibility extremely easy.
Other benefits of online accounting include:
A wider choice for clients
Traditionally, companies would opt for local accountants so they could easily meet face to face. This is okay in theory, but it’s actually rather limiting.
A company’s success is built upon choosing the right support for them, and which accountant they use is a huge part of this. Online accountancy firms will attract clients from every corner of the country, not only bringing in more business but also more choice for potential clients. It provides businesses the opportunity to find an online accountancy service that perfectly fits with their own needs.
Reduced overhead costs
As mentioned earlier, bricks and mortar premises cost money to run. However, online accountancy firms typically don’t have overheads such as rent and utility costs, particularly in expensive parts of the UK. This allows them to work more efficiently, passing the savings on to clients whilst also ploughing money into cost-effective technology like cloud accounting and accounting software.
For small businesses especially every penny counts right now. Online accountants are often able to undercut traditional firms without sacrificing services, making them a highly attractive option.
Improved accessibility and flexibility
Over the course of the last twelve months, more and more company employees have been working remotely. The ability for businesses to move around and adapt their working environment is a powerful tool, bringing maximum freedom and flexibility.
Businesses enjoying such loose parameters will likely look for an accountancy service to match. After all, there’s no point in building a modern work environment only to supplement it with restrictive services. Those that choose an online accountancy firm can often access cloud accounting solutions and accounting software from anywhere. There’s no 9 to 5 opening hours or booking an appointment to meet in person. It means the practice will better align itself with the flexible way businesses work nowadays.
The COVID-19 pandemic has pushed many accountants online by default
The pandemic and the restrictions it has brought means many accountancy firms have had to adapt their ways of working. Remote working is very much the order of the day.
Smaller businesses particularly are also unlikely to have their own accounting team working for them. So working remotely with a professional financial advisor can be crucial for continued success and growth. Plus, in these challenging economic times, online accountants can help businesses manage their money and tax commitments without them needing to hire extra staff.
Cloud-based accounting and the Tax Cloud portal
If your client’s company has taken a risk by developing or improving a specific product, service or process, they may well qualify for R&D Tax Credits. It’s a generous government-backed tax incentive that essentially refunds a large part of a company’s R&D expenditure (up to 33% in fact).
The project must seek to address a scientific or technological uncertainty that can’t be easily deduced by a professional in the field. Every UK company can apply, regardless of size or sector, and the resultant cash can easily run into the tens of thousands of pounds.
However, the downside is that the application process is complex and legislation around R&D Tax Credits changes often. It can leave even the most competent of business accountants scratching their heads.
The Tax Cloud portal is the perfect online solution, offering accountants the chance to make effective, accurate R&D Tax Credits claims on their clients’ behalf. Everything you need is kept in one place, with no bits of paper floating around and no face to face contact required.
The portal was created back in 2017 by the R&D tax and funding experts at Myriad Associates. It offers the chance for your clients to gain the essential tax relief they deserve, whilst diversifying your services and your reputation. Designed particularly with small businesses in mind, it’s simply a case of following the steps to produce a high quality R&D tax relief claim complete with supporting figures and technical report. You can work through the process remotely at your own pace 24/7 and it fully integrates with Xero too. Our technical specialists and advisors are also on hand every step of the way for further support.
Although more UK companies are claiming R&D Tax Credits than ever before, too many eligible companies are still not applying. Many businesses even complete qualifying work without realising it, as they wrongly believe it’s ‘just day to day stuff’ so won’t quality. Find out why else companies are missing out on R&D Tax Credits.
Don’t let this be your client. Find out more about R&D Tax Credits now and consider which of your clients may be eligible. It could be the financial lifeline they need.