We work almost exclusively through accountant referral, and have supported in excess of 1,100 companies with over 7,000 projects to secure £114m in R&D tax credits.
The Potential Issues and Opportunities RandDTax brings to accountancy firms:
Many company clients either do not recognise that they are doing Qualifying R&D work, or know its full extent.
HMRC is now being much more prescriptive in how the R&D is recognised and described to make it easier for them to ensure
compliance in processing claims - this presents complications.
By introducing a specialist, high quality R&D Tax Credit Advice and Consultancy service to your clients, who for a national company charge one of the most competitive fee rates in the UK, you can both maximise claim values, reduce the risks involved in claiming and increase fee income.
Getting it right can be time consuming, requires skill and experience, and the capability to keep completely up-to-date in this specialist area of tax.
For the vast majority of accountancy firms, technically identifying, scoping and justifying R&D, and preparing claims is a specialist activity, requiring expertise gained from experience across a very large number of varied claims.
Many companies are paying too much for R&D Tax Consultancy Services where specialists have been engaged.
We have the experience to help in all these areas. Our business model make us the most competitive of the well-established national companies in the sector.
Situations where we can help
• New Claimants where R&D has not been previously carried out or recognised.
• Existing claimant where they want to be sure they are claiming all they are entitled to claim and their claims are valid.
• Existing claimants where HMRC have instigated enquiries into new or previous claims or both.
• Situations where companies are using other R&D Tax consultancies and want to compare service levels and/ or costs.
• We offer a free audit on previous claims where there is still time for amendments.
• Situations where accountancy firms are bidding for new business where there could be R&D Tax Credit claims involved.
New Guidelines on R&D Tax Credit claims from HMRC
RandDTax sat on the Working Group within HMRC’s Consultative Committee which was set up in 2015 to develop a new “Template” covering both narrative and data which should be submitted to support R&D Tax Credit claims.
The starting point was that the HMRC R&D Units felt that they were given a massive amount of information that they did not really want or need and very little that they wanted and needed. If this could be resolved, HMRC’s ability to process claims faster would be signifcantly enhanced. We believe that the new template is rightly aimed at stronger compliance as well as faster claim processing.
We have been asked to help in a number of situations recently where formal enquiries have been started after three or more years of R&D Claims have been made – apparently successfully.
These were situations where we had been asked to help out by accountancy firms but where we had not been involved with the original claims. Where errors are discovered in those claims, HMRC require to have those corrected, and will often want to see that these errors have not occurred in claims for previous years and where they have they will want these corrected. Also, they can go back up to six years, and they are entitled to impose financial penalties where errors are in the wrong direction – as well as having the benefits repaid.
Like to Learn More about RandD Tax and how your clients could receive an average first claim of £44,000.00, which they can use to re-invest in their business, support business growth or see as a welcome injection of cash into their business, then do be in touch.
Our free of charge R&D Tax Workshop will also secure you two free CPD Points.
To learn more, contact Alan Crouch, 4N Ely Cambridgeshire on 07866 715476 or email him at: firstname.lastname@example.org