Now that Accountants’ favourite (or at least busiest) time of the year is thankfully behind us, attentions will no doubt now turn to the equally important matter of winning new clients or, at very least, retaining the ones that we already have. One good way of doing this, and indeed ‘making clients happy’, is by providing them with support in making successful / trouble-free R&D Tax Credits claims.
R&D Tax Credits’ is hardly ‘new kid on the block’ – its been around in the UK since 2000; as per the latest government stats, the average claim (tax save / recovery) by SME’s is now £50k and claims are typically settled in 4 to 6 weeks, but despite this surprisingly less than 2% of the SME’s who could claim did so in the 2013/14 tax year.
R&D Tax Credits’ is most definitely not some form of dodgy tax avoidance scheme, it’s a legislated enhanced corporation tax relief and can be claimed by a wide variety of limited companies who:
- stand the risk / cost of the (non-trivial) development work undertaken
- seek to make overall advances / improvements in knowledge or capability in respect of new or significantly improved products, processes or services
- use science and/or technology in order to try to overcome uncertainties / issues
Claiming is relatively easy, when you know how to, and can be made retrospectively for 2 years (by resubmission of CT600 tax returns) ~> so clients with (say) 31st March year-ends’ can currently claim for APE’s 31/03/14 and 31/03/15, and for every / any subsequent year providing that they continue to undertake eligible R&D. Though, importantly, the ability to claim for APE 31/03/14 is lost if claims aren’t submitted by 31/03/16!
Our R&D:WISE service provides support and advice to Accountants and their clients, in terms of establishing eligibility to claim R&D Tax Credits, confirming the likely tax saving and providing hands-on support in making the claims. The time commitment from your clients’ side of things is typically less than a day; our partners in providing this value-adding service have a 100% success record, and the fees charged are contingent upon success and are shared with Accountants who make these referrals.
If you are not already providing support to your clients in making R&D Tax Credit claims then we’d urge you to get in touch and find out how easy it is for us to support you in doing so – we are aware of Accountants who have lost clients by not providing this service, and in so doing allowed others to ‘make their clients happy’!!!
There’s no time like the present to ‘make your clients happy’ – it’s almost a no-brainer, you’ve got absolutely nothing to lose and potentially quite a lot to gain from this. Please contact us ASAP on 01902 244210 and one of our experienced independent specialists will get right back to you and provide you with whatever advice / support you need in this respect….