Which suits clients best: Tax Cloud or the full R&D tax relief service?
Even the most experienced of accountants can be left completely stumped by R&D Tax Credits. It’s a very complex, niche tax relief where over- and under-claiming is rife.
This is why many practices use a professional online R&D tax claims solution like the Tax Cloud portal. It’s a slightly different way of working compared to the full Myriad consultancy service.
First off: What are R&D Tax Credits?
The HMRC-backed R&D Tax Credits scheme represents a generous tax incentive for UK companies to innovate and grow. It allows eligible organisations to claim back a portion of their R&D expenditure - up to 33% in fact (we did say it’s generous!)
Open to all UK companies of any sector or size, the benefit is awarded either as a Corporation Tax reduction or as a cash credit. A huge range of R&D projects and costs are covered - as long as the project looked to address a specific technological or scientific uncertainty.
We won’t go into any more detail here about R&D Tax Credit claims as it’s a very diverse topic. However, there’s a wealth of information available on the Tax Cloud website.
Fees for using Tax Cloud are lower
In a nutshell, the Tax Cloud portal was developed by the R&D tax and funding experts at Myriad Associates. It’s a hands-on way of making an R&D tax relief claim on behalf of your clients, supported by our expert team at every step along the way.
The Tax Cloud portal essentially means lower fees because it relies on you entering in your own figures and costs and devising an R&D technical report. It’s a little more time-intensive, which is reflected in the price. However, it’s still an incredibly attractive option for smaller companies looking to save cash, or for those with very straight-forward financial situations.
There’s also of course a decent kick back for your firm of either 15% or 30% of the final award, depending on which of our partner packages you choose.
Access to Tax Cloud 24/7
The Tax Cloud portal is cloud-based, meaning you can work on your client’s R&D Tax Credits application whenever and wherever you want. There’s nothing to download, no maintenance to worry about and no bits of paper floating around. It’s simply a case of yourself or any other member of your team securely signing in and working on the go. Tax Cloud is also compatible with Xero.
Fully guided by the Tax Cloud specialists
The portal works by taking you through a series of stages you need to complete. At the end of each stage, one of our expert team will check the data and details entered and provide feedback. We’re also on hand throughout the application process for advice or questions. The next step only “unlocks” when the previous one has been checked, and we’ll also go through everything with a fine-tooth comb before final submission.
Tax Cloud also makes it easy to keep track of your application and everything is completed remotely. You don’t even need to leave your desk as everything is done remotely and completely at your own pace.
How is the full Myriad consultancy service different?
With the full service our team of experts take on the claim for you. We will compile the data and figures, plus we’ll put together an effective R&D technical report.
For some clients this may be the better option, especially if their company (or their claim) is especially large and/or complex. However, because much of the work is taken on by us, the fee will reflect that.
A good place to start is to read up on R&D Tax Credits and partnering with us on the Myriad Associates website. We’re also more than happy to discuss your requirements, helping you provide the best service to clients. Get in touch.
Ready to see how the Tax Cloud portal can benefit your practice and your clients?
Choosing between the full consultancy service or the Tax Cloud portal isn’t necessarily easy. This is why we’re happy to advise you based on your clients’ individual circumstances.
The Myriad Associates team consists of advisors and specialists focussed entirely on R&D tax and funding. With bases in the UK, Ireland and France, we’ve just celebrated 10 years in business helping clients and accounting firms alike make fully maximised R&D tax claims that work first time.
We work entirely remotely, so it doesn’t even matter where your accountancy practice is based. Everything is done by video call and phone, so you don’t even need to leave your office.
Why not take a look at the Tax Cloud for Accountants page as well as the Myriad Associates website to discover more. And if you’re still not sure, why not take a look at our recent blog: 5 Excellent Reasons To Work With An R&D Tax Relief Consultancy.
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Tax Cloud is an R&D Tax Credits claim portal.