Companies looking to make a claim for research and development (R&D) Tax Credits are often faced with the question “How do I choose an R&D Tax Credit advisor?” Many decide to go with a firm in London or elsewhere local to them, so that it’s easy to visit the tax advisor they choose.
Here we look at why it’s so important to use R&D tax specialists such as ourselves in order to give your claim the very best chance of success.
Has your company undergone any innovative work at all lately that has looked to advance science or technology? Was there a level of risk involved, even if the project ultimately failed? Then the work may well be eligible for R&D Tax Credits.
R&D Tax Credits were put in place by the UK government in the year 2000 as a Corporation Tax break. The scheme allows companies to claim back as much as 33% of their R&D expenditure, with larger companies receiving up to 10% of their R&D costs under the RDEC scheme.
The money is offered either as a partial refund of Corporation Tax, or as a tax-free lump sum. The rebate can then be used for anything, like buying new equipment, taking on more staff or even paying out dividends.
When you do your weekly grocery shop, you’ll likely head to one supermarket where you can get everything you need under one roof. Business accountants are similar, in that all your company’s tax affairs are dealt with by the same firm that offers a broad range of services. This is great for general financial matters, but R&D tax relief requires highly tuned, up-to-date professional advice. This is where we come in.
Think of R&D Tax Credit specialists as additional to your normal, trusted business accountant - they work alongside them, not instead of them. When it comes to claiming R&D Tax Credits, specialists can offer tailor-made support that will guide you through the application process and maximise your claim amount. Ok so it might seem cheaper on the surface to just use your accountant, but you’re unlikely to claim for the maximum amount you’re entitled to which will cost you more long term. Specialist R&D tax relief advisors like those at Myriad Associates have also spent years establishing working relationships with HMRC which means claims are often handled more promptly. Additionally, if HMRC poses any enquiries about the claim, R&D tax advisers really come into their own as they offer their services on a success-only basis. General accountants are unlikely to be able to provide the same level of support to bring about the best outcome.
R&D tax relief specialists like Myriad Associates have both technical experts and experienced accountants on hand to ensure that all eligible R&D costs, projects and activities are identified appropriately and documented clearly. R&D Tax Credit claims are submitted along with a detailed narrative; it’s a report that outlines the technological advancements, uncertainties and risks, and provides a breakdown of the qualifying R&D expenditure in detail.
With offices in London, Leicester and Dublin in the Irish Republic, Myriad Associates places very heavy importance on keeping current with any changes in the R&D tax relief scheme as they occur. Updates to guidelines happen regularly and quickly, and we take pride in knowing we’re offering the most accurate advice possible.
In short, although it is of course perfectly possible to make a claim for R&D Tax Credits through your existing accountant, success can still be hit and miss. Your best chances of a successful, maximised claim are in fact with a firm that has a proven record of success in assisting companies like yours. We can handle your claim for R&D tax relief from start to finish, whilst making sure it’s as smooth, hassle-free and cost-effective as possible. After all, it’s always best to work with an expert team when you’re putting together an R&D tax relief application, so you can rest assured that your claim is accurate and effective.
Myriad Associates has been managing R&D tax relief claims for many, many years and our clients span the length and breadth of the UK and Ireland. The government is very keen to attract R&D investment which will in turn boost economic growth. This gives rise to the constant changes previously mentioned, with updates to rules and guidelines often taking place with very little warning. We take the worry out of this for you by applying a unique methodology in navigating this complexity. This is done through our holistic approach and attention to detail.
Thanks to our blend of industry experience and expertise, we know from the outset how to identify and capture relevant R&D expenditure. Typically this is in areas such as staffing, consumables, subcontractors, software and prototypes. Our friendly, helpful advisors will gather together all the information they need from you quickly and efficiently. We will then work with you to write your narrative report, collate all the qualifying costs together and calculate the relief amount to be included in your company tax return. Finally, we take care of any HMRC queries - and our fees are inclusive, up-front and transparent so no nasty surprises.
Here at Myriad Associates we have many years’ experience in handling R&D Tax Credit claims - and there’s very little we’ve not come across before. Whether you’re an established company undertaking new, innovative projects or you’re a start-up looking to expand, we will work with you to a successful conclusion. We’re also happy to answer any questions you may have along the way, and offer constructive advice where required. Plus if you have any concerns about lost or missing information we can help here too.
Simply get in touch with us on 0207 118 6045 or use our contact page to get the ball rolling on your R&D Tax Credit claim today.