Your trusted adviser for R&D Tax Credits, Creative Tax Relief, and R&D Grants
Finding the right R&D tax advice in London - or anywhere else for that matter - can be a minefield. Here we help you to get the full tax rebate your company deserves.
Has your company invested time, money and resources into something that will really drive it forward? Perhaps it’s a shiny new product or service, the development of a new piece of equipment or a more efficient design process. Great! An R&D Tax Credits claim may well be on the cards.
But hold your horses: Don’t go it alone. It’s tempting we know, but claiming R&D Tax Credits is not nearly as straight-forward it might first appear. There are many steps to follow, including the creation of a technical report, and the pitfalls are hard to spot. And besides, how are you meant to know exactly what you can claim for in relation to your project anyway?
This is what makes R&D tax advisors worth their weight in gold.
But where do you find a good one? Should you choose a firm close to where you’re based, for example R&D tax advisors in London? And what services will you actually get?
Choosing the right R&D tax advice for your company can be a minefield. That’s why we’ve put together this quick guide to help.
The R&D Tax Credits scheme has been around in various forms for over 20 years and the good news is that any UK company in any sector or specialism can apply. Furthermore, the scope of eligible projects and costs that can be included in an R&D tax relief claim is notoriously broad. So, if your company has made any advancement in science or technology recently that benefits not just your business but the wider sector, then a claim could well be possible. It doesn’t matter how small the innovation was or even whether it was successful in its aim; if money was invested then this is for you.
The rewards can be huge too, with up to 33% of costs reclaimable. It’s worth getting right!
For further detail there’s a wealth of information on our R&D Tax Credits page.
Picture it like this: You head off for some Saturday afternoon retail therapy with a (fairly) clear idea about which items you want to buy. The local shopping centre is ideal as you know which retailers are there and everything can be bought in one place. Why trail round lots of different smaller shops when you don’t have to?
Now apply this to your business accountancy firm. You’ve been with them for years and trust them implicitly with your tax returns and all sorts of other financial things you need. They are the shopping centre, in this context. And that’s fine. But the thing is, R&D Tax Credit claims are different. Why? Because it’s an incredibly complex, niche area of accountancy.
First, you need to be sure that the person managing your claim knows exactly which costs – specific to your project – can be claimed for and which can’t. Even the smallest claims can quickly run into thousands of pounds, so inadvertently missing off a cost or two can leave a serious financial hole. Conversely, by overclaiming for costs that aren’t actually eligible, you leave your company open to an HMRC enquiry. Unpleasant to say the least.
Whilst your normal accounting firm may well have some knowledge about R&D tax relief, R&D Tax Credit specialists will work in more detail to identify costs you can include and how to account for them. This will mean you maximise the amount of relief available to you, ready to plough back into your company. Don’t forget though, we’re not talking about replacing your usual accountant, but instead using R&D tax specialists alongside them.
Specialist advisors (like us at Myriad Associates) have also spent a long time building a good working relationship with HMRC, which makes the handling of your claim much faster and smoother. Plus, if HMRC does come back with any questions, you’ve got experts to turn to for help. General accountants are unlikely to be able to provide the same level of support to bring about the best outcome.
When it comes to choosing R&D tax advice in London - or anywhere else for that matter - it’s worth doing your homework. R&D tax legislation changes can occur quickly and often, so you need to be sure the advice you’re getting is up-to-date.
On top of that, you’ll need to decide if you want to work remotely with your R&D tax advisor or if you’d prefer to physically meet them. These days, most companies prefer the remote option, but if you want to be able to drop in then a local firm will obviously be preferable.
Finally of course there’s your budget to think about. It’s easy to be drawn to the cheap and cheerful end of the scale - and again that might work for your basic accounting needs. But for R&D claims it’s likely to be a false economy. Instead, choose a firm which has a high (or even 100%) success rate and who offers a bespoke, tailormade service that maximises your chances of success. If you can find one that specialises in the particular area your business is in, for example construction, retail or manufacturing for example, then all the better. It’s about getting the right balance between fees and results.
In short, when you’re looking to make an R&D tax relief claim don’t think shopping centre - think boutique shop.
The Myriad Associates team has decades of experience in dealing with R&D Tax Credit claims from smaller companies to large multinationals. We don’t work in any other area of accounting either, which makes us incredibly specialised.
From start to finish, our R&D tax advisors in London (or Dublin if you’re in Ireland) will guide you through the claims process. If any information relating to your claim is lost or missing, we can help there too, and will be pleased to answer any questions along the way.
Quite simply, we make R&D tax claims easy.
Why not speak to our friendly, professional team today on 0207 118 6045 or use our contact page and see where a new R&D Tax Credit claim could take your business.
Food and drink R&D (eligible under the R&D tax credit scheme) covers any project that aims to push the boundaries of knowledge and technology within the industry.
The government has published the Finance Bill 2023/24 covering the Merged Scheme and HMRC has recently provided more detail on the overseas restrictions and subcontracting rules and invited further consultation until 1st March 2024.
When the UK was still a member state of the EU, it was subject to European rules on state aid. Since Brexit, these rules have become more complex, navigating the murky waters of legislation across the English Channel.
Please contact us to discuss how working with Myriad can maximise and secure R&D funding opportunities for your business.
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hello@myriadassociates.com