Why Your Business Needs Tax Cloud
Maximise your claim, minimise your cost
The R&D Tax Credits scheme has been around for two decades now, but still far too many UK companies are missing out on what can easily be tens of thousands of pounds.
If your company has plans for innovative growth projects, or indeed have undergone such projects recently, then read on - it may well be the best thing you’ve done all year.
How does the R&D Tax Credits scheme work?
A very generous government tax incentive open to all UK companies, R&D Tax Credits provide a portion of the money back that a company has invested in research and development activities. To receive the relief, you’ll need to submit a R&D Tax Credit claim to HMRC. If successful, the credit is administered either as a Corporation Tax reduction, or as a cash lump sum if the company is loss-making.
Quite simply, if your company (regardless of its size or turnover) has created a brand new product, process or service from scratch lately, or appreciably upgraded an existing one, then this lucrative form of R&D tax relief is likely to follow.
SMEs can claim up to 33 pence back for every £1 of R&D expenditure (we said it was generous!) Larger companies can receive 13% back. This is explained more thoroughly in our article: What's The Difference Between The SME Scheme And RDEC?
This is a very brief summary about the scheme, so we strongly advise you read through our R&D Tax Credits page for more detail.
Introducing the Tax Cloud portal
The fact is that making a claim for R&D Tax Credits is far from straight forward, even if you’ve done it several times before. Every project, and therefore every claim, is slightly different and legislation in this area can change fast. It’s also incredibly easy to make a mistake, which is likely to lead to a costly and stressful HMRC enquiry.
Many businesses also feel daunted by the commitment involved in making a claim. Going it alone is stressful and resource intensive, and maximising your claim is virtually impossible without expert support too.
Tax Cloud offers a cost-effective, fully guided online tool that takes you through the steps in making your R&D Tax Credit claim. From entering all your R&D costs and creating your technical report to making final checks before submission, it’s also perfect for those looking to complete their claim remotely. In essence, you complete your R&D Tax Credits application yourself but there’s plenty of ‘human’ help and guidance along the way.
When you log in to Tax Cloud for the first time, we’ll ask you to add a summary about your company and the R&D project(s) you’ve completed. Up to five technical challenges can be added per project.
Once this is done, your claim will be submitted to a member of our team for approval and you won’t be able to carry on to the next stage until we’ve thoroughly reviewed it. This avoids you adding in any more information (and wasting your time) if your project looks to be ineligible.
Next, when our specialists have given it the nod, you’ll then be able to work through your application in stages. The next stage will only ‘unlock’ once you’ve completed the last one. Additionally, there’s a chat box on every page, and the team member that answers your queries will be a specialist in that particular subject. That way you don’t just deal with anyone - you always deal with a specific expert in that area.
Once your claim is finally finished, Tax Cloud will provide you with a complete R&D tax relief claim ready for sending to HMRC.
Why should I trust the Tax Cloud portal for my R&D Tax Credits claim?
Launched back in 2017, the Tax Cloud portal was developed by the expert R&D funding team at Myriad Associates.
Consisting of a range of R&D professionals from a mixture of disciplines, Myriad Associates works solely in the field of R&D funding, including R&D Tax Credits and R&D Grants. This means we know everything inside out, including where all the pitfalls lie. Additionally, we’ve built up a market-leading reputation over the years, as well as a strong partnership with HMRC. So you can rest assured that when you use the Tax Cloud portal, you’re still supported by R&D experts along the way.
Cutting the costs of claiming
The Tax Cloud is a self-service portal, meaning you get to benefit from working with our leading team of R&D specialists but at a reduced cost. It’s particularly beneficial to smaller businesses, as the fees work out lower than full consultancy rates.
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.
It’s free to sign up with Tax Cloud too, and there’s nothing to pay upfront which is ideal in these difficult economic times. There’s no financial risk at all in fact, as fees are only payable once the relief has been awarded by HMRC.
The Tax Cloud portal offers some exceptional benefits
The huge benefit is of course the fact that using the portal for your R&D Tax Credits claim represents outstanding value for money. But it’s also about far more than that.
Using Tax Cloud means you get full claim oversight and you can easily track the progression of your claim as you go along. As the name suggests, the platform is cloud based too so you can access it from any internet-connected device whenever you want. Not only does this give you full control, but also means you can work on your claim at a time to suit you.
Try the Tax Cloud portal today
- 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