A Guest Blog by Accountancy Cloud
Just because your business qualifies for R&D Tax credits, it doesn’t mean you should venture on and submit your own R&D claims. This is especially true if you’re submitting a large claim.
The scope of Research and Development is pretty sizable, so why would you take the risk of submitting the claim yourself and not benefiting from the maximum potential of cash you could inject back into your business?
This is particularly true considering the global pandemic. R&D Tax relief for many businesses will enable them to continue trading. It can literally be a lifeline.
So, here’s 3 reasons why you should work with a professional for your large R&D claim...
1. Reduce risk
Unfortunately, large claims do tend to claim the attention of HMRC. If your claim is inadequately structured or has an error (easily done), HMRC will see this as a red light. It’s important that you work with a professional who can maximise your claim while following HMRC’s strict requirements.
A professional will know those common pitfalls and have the ability to get you the money back that you qualify for, with less frustrating questions being asked too.
That’s a win, win.
2. Maximise your claim
An R&D Tax expert will ensure your submission is fully optimised and that nothing is missing from the claim. They will also be able to advise on how to collate and store your records for future applications.
You may be thinking...but will the fees of the R&D professional outweigh the money claimed via tax credits?
The answer is no, by working with an expert your business will likely be able to claim more money in the long run than if you were to submit it yourself.
3. Delegate
We get it. For many businesses (especially smaller ones), delegation isn’t something that’s thought about.
If your business is growing, your attention is needed elsewhere, meaning your R&D submission isn’t getting the focus it deserves (or demands).
By working with an R&D Tax professional you will be able to access the largest claim possible but also avoid the complex submission process.
At Accountancy Cloud, it doesn’t matter whether you’ve never heard of R&D Tax credits or you already claim it, our expert team are ready and waiting to help. With over £30 million in claims processed, and a world class technical team, you could say we really know our stuff!
Join the many ambitious companies that have unlocked the full benefits of R&D Tax schemes today.
Join our talk on LinkedIn
If you’re interested in finding out more about our partnership with Finstock Capital and R&D Tax credit loans, please join us on the 23rd April 2021, at 11am.
Wesley Rashid CEO and Founder of Accountancy Cloud will be hosting an event alongside Anh Vu, Senior R&D tax manager at Accountancy Cloud and Edo Salvesen, Director of Finstock Capital. They will discuss the exciting new partnership and uncover all of the juicy details you need to know about R&D Tax, including the latest developments surrounding furlough and the PAYE cap.
Simply head over to Accountancy Cloud’s LinkedIn page at 11am to watch. We’ll look forward to seeing you there.
Get in touch
If you want to discover more about innovation funding and R&D Tax Credits, contact Accountancy Cloud.