Why the Tax Cloud portal is perfect for SMEs
Current R&D tax statistics show that 85,900 claims for R&D Tax Credits were made in 2019-20 alone, generating a colossal £7.4 billion for UK companies. But making an R&D Tax Credits claim on behalf of your clients is far from straightforward, even for the most experienced accountants. This is why using a step-by-step online claims portal - fully supported by the R&D tax experts at Myriad Associates - is the best way forward. Bring on Tax Cloud for Accountants.
The Myriad Associates team developed the Tax Cloud portal to give SMEs in particular a straight-cost-effective, easy way to claim their own R&D tax credit entitlement. So no matter where in the UK your client’s company is located, you can easily follow the steps in making a successful, maximised claim on their behalf that gets results.
How does Tax Cloud work?
After answering a few easy questions to sign up, Tax Cloud will automatically verify your client’s company details through Companies House. You then use the Tax Cloud forms to provide information about your client’s R&D project and the costs they incurred. The process is divided into ‘stages’ and each stage will only unlock once one our experts have gone through it with a fine-tooth comb and provided feedback.
Once the claim is complete, the Tax Cloud portal takes everything you’ve entered and builds R&D tax relief claim report that’s ready for submitting to HMRC.
Working with a leading R&D tax and funding specialist for less
Tax Cloud was created specifically with small businesses in mind. Working through the process of building your client’s claim at your own pace, there’s support available from our technical specialists any time you need it.
How much money can be saved on fees using Tax Cloud?
For claims receiving up to £200,000 in tax savings, we charge a percentage of the amount your client receives - in this case 5%. For claims of over £200,000 in tax savings, we charge a 2.5% success-fee. This compares very favourably to full-service fees which are often between 15 and 20%.
There’s also a generous kickback for your practice of either 15% or 30%, depending on the type of partnership you have with us. Find out more about our partner package and our introducer package.
Access 24/7 from anywhere
Tax Cloud - as the name suggests - is cloud based, so there’s no need for you to download and maintain fiddly bits of software. All you do is log in and complete your client’s claim at a time to suit you, 24/7. It’s really flexible, especially if more than one member of your team needs to access it.
Tax Cloud also integrates with Xero which makes inputting your client’s figures even easier if Xero is something that’s already being used.
Has your client’s SME made an advance in technology or science?
When deciding if they qualify for R&D Tax Credits this is the first question to ask. Where any financial risk has been taken by innovating, improving, or developing a product, process, or service, then they may well be eligible for R&D Tax Credits. The project must have a level of technical uncertainty for a competent professional, so if your client’s company faced questions that left them scratching their heads, qualifying R&D activities were probably taking place.
Do the R&D activities actually qualify for R&D Tax Credits?
This is the second most important point to consider. No two R&D projects are the same, but if your client’s project included any of the below then the likelihood is there’s a claim:
- Identifying uncertainties
- Analysing, designing and developing the technology
- Planning and managing projects
- Defining technical objectives
- Feasibility studies
- Reviewing new and competing technologies
- Producing technical specification or other documents to explain and support the R&D project and advancement
- Testing the product, process or software
There’s also a large number of indirect costs that support the R&D work which can also be included in a claim. Some examples are:
- Training to support R&D
- Finance, administration and HR services specifically required to support R&D activities
See Tax Cloud’s R&D Tax Credits page for more information.
Are you ready to expand the services your practice offers with the Tax Cloud portal?
The R&D Tax Credits scheme is one of the most generous on offer by the UK government and it’s a powerful incentive for companies to innovate. Any company can apply, and by not partnering with Tax Cloud to provide this service your clients there’s a strong change they’re missing out on thousands of pounds they’re rightfully owed. And of course, with costs rising the economy on a knife-edge, there’s no better time to make an optimised R&D Tax Credits claim on your clients’ behalf.
Try out the free Tax Cloud demo or call our team on 020 7360 4437 to find out more about how your practice can benefit from partnering with us. You can also send us a message and we’ll get right back to you.
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Tax Cloud is an R&D Tax Credits claim portal.