Accountants dealing with R&D tax credits on top of their day-to-day client work, need to have a full understanding of the regulations, exemptions, and processes, as well as being confident in their ability to prepare compliant claims for their clients.
For many reasons some accountancy firms choose to focus on accounts, audit and tax for their clients, with some larger firms employing specialists to embellish their offering with outsourcing and other additional services.
Some accountancy firms may be hesitant to pursue in-house research & development claims for several reasons, including:
The life of an accountant is a busy one, particularly around company year-ends and tax deadlines. Many accountants simply do not have the time to develop their knowledge on R&D tax claims or have sufficient time to develop a proper offering for their clients that are in those specialist industries that qualify.
Claiming R&D tax incentives can be complex. There are intricate regulations, processes, and documentation requirements that can be challenging for accountancy practices to manage internally, on top of keeping their clients happy.
Specialist knowledge is required when managing R&D tax claims. Smaller companies or those with limited resources in-house may find it difficult to offer such a niche service or find the right tax expert to fill this position.
Mishandling R&D claims can lead to major penalties, audits, and investigations. Or professional negligence claims if clients have been given inaccurate advice. Many accountancy firms prefer to transfer this risk to a specialised firm with experience navigating the tax credit landscape.
Many firms will find it more cost effective and efficient to outsource or direct their clients to a R&D tax specialist.
The world of R&D tax is forever evolving. It can be difficult for a generalist firm to keep up with the rapidly changing regulations and processes.
Not all R&D activities are eligible for tax reliefs. Determining eligibility, deciphering the guidelines, and squeezing the most out of claims to maximise the rewards can be challenging and is learnt with regular technical practice.
Accountancy firms may have other focuses and priorities as part of their business plan. Practising in R&D tax specialisms may dilute the brand or pull focus from the bread-and-butter accounting services.
Our unique partnership strategy with accountants and advisors, allows us to build meaningful and mutually beneficial relationships. Think of us as your expanded network.
We collaborate with you to ensure that your clients benefit from the best possible guidance and outcomes with their niche tax claims.
How it Works:
If you are an accountant who is struggling to keep up to date with R&D tax, or you have clients in your network who could benefit from the tax incentives available to further expand on their innovative industries, then we would welcome a conversation to see how we can help.
For more information on partnering with us, please click here or call us on 020 3523 9125.