The Tax Cloud Partner Programme: How it works
These days every penny counts and accountancy practices are looking for ways to expand their services without breaking the bank. R&D tax relief is a very niche area and by offering such a service you’re sure to help your brand stand out. This is especially the case if your clients’ company is relatively small or has a fairly straight-forward R&D landscape.
Don’t let your clients miss out on thousands in extra innovation funding
When a UK company invests in research and development (R&D) that seeks to advance science or technology, it’s highly likely to qualify for R&D Tax Credits. A highly lucrative government tax incentive, it allows for up to 33% of eligible R&D costs to be reclaimed, either as a Corporation Tax rebate or a cash payment.
A huge range of R&D projects and costs are eligible and the scheme is open to any UK company of any size in any sector. Discover more about R&D Tax Credits here.
"The estimated total amount of R&D tax relief support claimed for the year ending March 2020 is £7.4 billion, an increase of 19% from the previous year" - Latest HMRC R&D statistics.
What is the Tax Cloud portal exactly?
Tax Cloud is an innovative, simple and cost-effective R&D tax claim portal. Developed by the R&D tax specialists at Myriad Associates, it’s split into two sections: one for businesses and one for accountants.
Fully guided and compliant with all the latest HMRC regulations, it’s a step-by-step way of submitting a fully maximised claim. Simply sign up to Tax Cloud for Accountants (it’s free) and go through each stage. Once each one is complete our team will check to make sure everything’s in order and offer feedback where necessary, so you nothing will slip through the net.
The Myriad team has over 10 years’ experience working solely in the field of R&D tax relief and funding so there isn’t much we’ve not seen before. We’re also really proud of our 100% success rate as market leaders in the field.
So how does partnering with Tax Cloud work?
R&D Tax Credits claiming is something that can leave even the most experienced of accountants baffled. The rules and regulations are often being updated and identifying exactly which of your clients’ R&D project costs are eligible (and which aren’t) is a challenge to say the least. Over claiming and underclaiming are rife, which at best leaves money on the table your clients rightfully deserve, and at worst could land them in hot water with HMRC.
When you work with us, you’re basically partnering with a whole team of highly experienced R&D tax specialists and advisors. It’s like having a whole new department on hand that deals solely with R&D tax relief claims, but without taking on any extra staff. And, because we work entirely online via phone and video call, it doesn’t even matter where in the country your firm is located. You don’t even need to leave your desk.
The Referral (or Introducer) Package
The Referral Package relies on you sitting down with your clients and identifying whether they’ve in fact carried out an eligible R&D project with applicable costs. We can help you with this, and once you’re up to speed you can then approach your client to explain the relief to them and how it works. If your client wishes to proceed with their R&D tax relief claim, you recommend the Tax Cloud portal to them and they sign themselves up to make their own claim themselves. Our R&D experts guide and support them directly through the R&D tax relief process so it's much more hands-off from your point of view. However, once the claim is completed and has been processed by HMRC successfully, your practice will be awarded a 15% referral fee.
The Partner Package
The Partner Package means slightly more input from your end, but there’s a handy 30% referral fee on completion.
Accountancy practices that decide to go down the Partner Package route will then become one of our ‘certified partners’. This means you’re able to make R&D tax claims on your clients’ behalf using the Tax Cloud portal. So rather than them going away and making a claim themselves as they would do with the Referral Package, you use the Accountants section of the Tax Cloud portal to complete it for them.
If the Partner Package sounds like the better option for you and your clients, we’ll kick off by providing training online so you’ll be really familiar with the portal before you start. You’ll also have a clearer understanding of the claims process itself.
Once you have finished the course and are officially recognised as a certified partner, you’re then able to work collaboratively with your client on compiling their claim.
When the application has been completed, the Tax Cloud portal will then create a claim report ready to send to HMRC. There’s plenty of support from us along the way though, so it’s not nearly as daunting as it might sound. And with even the smallest of claims potentially adding up to tens of thousands of pounds of tax relief, you’ll be flavour of the month with your clients.
As there is more of a time commitment from your practice with this option, the revenue share fee is more generous at 30% instead of the 15%. Plus, like with the Referral Package, the more clients you manage to get on board the more your practice could earn.
Sign up for a Referral or Partner Package today and help your practice stand out from the crowd
Ready to take a look at the Tax Cloud for Accountants? It could be the best move you’ve made for ages - and your clients will love you for it.
Whether you’re keen to jump in now or just want to ask a question, drop us a message or call 020 7360 4437. Don’t forget there’s also the Tax Cloud demo you can try for free if you’d like to have a look around before committing.
- 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