Using R&D Tax Credits To Improve Client Relations

13th Nov 2020
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Keep your clients happy and build on your range of services with R&D Tax Credits and Myriad Associates.  

A much needed cash injection

Partnering up with the R&D tax and funding specialists at Myriad Associates will effectively expand the range of services your firm offers. By taking advantage of the very popular R&D Tax Credits scheme, your clients will also make substantial savings on their Corporation Tax (or a much needed cash injection if they're making a loss). This extra money can make all the difference, especially as they face the coming months and years. And of course, it will help to improve your relationship with them too.

How R&D Tax Credits can make all your difference to your innovative clients

Research and development (R&D) Tax Credits are provided by the government to incentivise business growth and innovation. The resultant cash can be used for anything, from paying suppliers and hiring new staff, to buying new equipment and clearing debts. Of course, many companies also invest it into further R&D projects that can ultimately beat the competition.

Find out more about the scheme, including eligibility and how to apply, on our R&D Tax Credits page.

How much can eligible businesses reclaim?

This depends on the size and turnover of the company, how many staff it employs and whether it has previously received state aid funding.

Typically, SMEs claim using the SME scheme (as long as they haven’t previously received state aid). This branch of the scheme is particularly generous, allowing companies to reclaim up to 33% of their R&D costs. Larger companies (and SMEs that have received state assistance) will need to use the RDEC branch of the scheme. It’s less generous but claims tend to be much bigger.

See our handy guide R&D Tax Credits: What's The Difference Between The SME Scheme And RDEC? for more information.

So how can R&D Tax Credits actually boost the firm’s relationship with its clients?

Times are tough. COVID-19 restrictions have ravaged the economy, and every business in every sector has been affected in some way. So of course, when you come along and tell them all about R&D Tax Credits - and how they can mean a sizeable cash injection - you’re certainly going to be looked upon favourably.

Helping your clients to maximise their R&D Tax Credit claims

Once it has been ascertained that R&D Tax Credits are on the cards, another way of gaining some serious brownie points is in maximising it. This means that every single eligible cost is included in their claim (even the less obvious ones) and nothing is missed out. But how do you do this? By working with an R&D specialist consultancy like us.

At Myriad Associates we take pride in extracting every last penny of relief that your clients deserve. Our team of expert R&D tax and funding consultants will go through your clients’ financials in the finest of detail, making sure every qualifying expense is submitted to HMRC. Thanks to our nearly two decades working in this niche tax area, we’re perfectly positioned to identify all eligible projects and costs, many of which can be missed by less experienced providers. All this adds up to a potentially much more substantial claim value, again bolstering your relationship with your client.

Taking the stress out of claiming

Making a high quality, accurate R&D Tax Credits application that is accepted first time by HMRC is hard work. Putting figures together and crafting the perfect technical report is also complex, and it’s incredibly easy to make a mistake. Furthermore, devising the kind of application that doesn’t attract further HMRC questioning (or even a stressful, costly investigation) is also very time and resource intensive; time which many of your busy clients can ill afford.

By working alongside us at Myriad, you will take the pressure off your clients’ shoulders by managing the whole process for them. It’s another string your bow, providing a more complete service to your clients - and they’ll certainly appreciate one less thing on their to-do list.

Top-drawer technical expertise

It’s essential that R&D Tax Credit claims are made in such a way that HMRC can understand. Technical jargon for example should be kept to a minimum.

At Myriad Associates we have spent nearly two decades creating, verifying and submitting the highest quality R&D Tax Credit claims for our clients. We know exactly what HMRC inspectors are looking for, what technical detail are needed and what language should be used.

Our team will work to understand your client’s technical challenges and showcase them appropriately to generate a technically-sophisticated claim. We’ll also devise a strong technical report that drastically reduces the chance your client will face a time-consuming, expensive HMRC investigation. After all, we only succeed when they do.

Partner with Myriad Associates today

We already work with a range of accountancy firms across the UK. Many of them have told us how the relationship with their clients has improved since they expanded their R&D offering, and that’s something we’re particularly proud of.

Our team will work flexibly to suit you. Some accountancy firms like to prepare their own claims and refer the more complex ones to us. Others simply let our experts deal with everything from start to finish - and of course, that’s fine too.

Team up with us today to give your clients the fully-inclusive tax service they expect.

Looking for an easy, fully guided but more hands-off service? There’s the Tax Cloud portal too

The Tax Cloud portal is a handy interactive tool that allows you to make a fully-guided R&D Tax Credits claim on behalf of your client. It works by taking you through a step-by-step process to complete the claim and there’s online chat support with us every step of the way. All applications are also fully scrutinised before being sent off to HMRC, for total peace of mind.

The portal is ideal for clients whose tax affairs are slightly more straight-forward and who prioritise excellent value and a speedy service. It’s even divided into two sections - one for businesses and one for accountants - so whether it’s for your own firm or for a client, all claims can be compiled easily and accurately.

Try the Tax Cloud portal today or if you would like to speak to the Myriad team about anything we’ve raised in this article you can call us on 0207 118 6045. Alternatively send us a message and we'll be pleased to get back to you.