Why Use An R&D Portal Over An R&D Advisor?
As more and more businesses become wise to the initiative, there has been a startling increase in the number of applications made for Research and Development tax credits every year. If your SME is involved in or has ever conducted research and development, R&D tax credits are almost certainly something you’ve pursued, or you’re currently interested in pursuing.
Traditionally, businesses turn to Tax Advisors for help with their R&D claims. However, there could be real benefits to gain by choosing an R&D portal like Tax Cloud instead.
Save Time on Making and Filing R&D Tax Relief Claims
With Tax Cloud and other portals, you get a full service from the start of the process to completion. Overall it can make the process substantially quicker. Tax Cloud guides you through the process and allows you to work on your claim at your own pace. This gives you the opportunity to consult with tax experts, cost accountants and technical specialists if you need any help along the way.
Using An R&D Portal Is Less Expensive
With most tax consultancy firms, the cost of making a successful claim is around 20% of any corporation tax refund or tax credit you are entitled to.
Successful claims made through Tax Cloud are 2.5% or 5% of your corporation tax savings. To break it down simply, our pricing works as follows:
- For claims receiving more than £200k in tax savings, the fee for using Tax Cloud is 2.5%.
- For claims receiving up to £200k in tax savings, the fee for using Tax Cloud is 5%.
These fees are subject to a minimum fee of £1,000 + VAT. To get a closer estimation of what benefiting from our portal and expert advice would be, Use our R&D tax calculator on the homepage and enter your estimated figures.
Working With A Tax Advisor Doesn’t Reduce Your Workload
You may think that taking on the responsibility of using a R&D tax portal will mean you need to do more work than if you gave the responsibility to a tax advisor. However, with a tax advisor, you are still needed to do a lot of work. That’s why any good R&D portal will have advisors to help guide you through each step of your claim to ensure your time is minimised whilst ensuring you receive the cost benefit of entering the information yourself. These cost benefits can save your business up to 10% of your Corporation Tax Saving depending on your current fee.
R&D Claims Are More Involved Than Just Sending Your Tax Return
Following on nicely from the above point, it’s worth noting that you need to do more than just send your business tax return. You need to have records of everything that you have spent on research and development, including any subcontracted work with invoices and details of when the work was completed. By following the process through a portal like Tax Cloud, you can track what you have submitted and what you still need to submit.
This can be a lot easier than constantly meeting up with or having to speak to an advisor, who is likely to have more than one client at any one time.
If you’re an SME and think you may qualify for R&D tax credits, click here and book your demo of Tax Cloud free of charge. In addition, accountancy practices with clients using Xero can partner with Tax Cloud to offer a specialist R&D tax credits service and receive up to 50% of or fee for each claim successfully processed by HMRC.
About Tax Cloud:
Tax Cloud’s mission is simple, reduce consultancy fees and make R&D tax credit claims easier and quicker for SME’s across the UK. Since Sept 2017, Tax Cloud has helped hundreds of SME’s successfully make R&D tax credit claims. Powered by Myriad Associates, clients are walked through the R&D tax credit claims process and in doing so, ensure their claim is maximised and approved whilst not having to pay large win fees typically associated with full R&D consultancy. Click here to learn more about Tax Cloud and to book your demo.
- Submitting R&D tax claims since 2001
- 100% success rate
- Over £100m claimed and counting
- Industry leading specialists
- In-house technical, costing and tax experts
- Member of the Research and Development Consultative (RDCC) committee
Meet some of the team behind Tax Cloud