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Did you know that Tax Cloud integrates with Xero?

The Tax Cloud portal is designed to make the often difficult job of claiming R&D Tax Credits much easier. It’s particularly popular with small and medium-sized enterprises thanks to the much lower fees compared with the full consultancy service.

For some time now, the portal has integrated with Xero, one of the most popular accounting and bookkeeping software used by over one million small businesses. It means that R&D Tax Credit claims have become even more automated.

“We are on a mission to help small businesses claim their full entitlement to R&D Tax Credits” said Barrie Dowsett, CEO of Tax Cloud.

“Our first step in achieving this was to develop the first fully supported R&D Tax Credits claim portal that could deal with every aspect of the claim process. The next step in our product roadmap was to develop the integration with Xero, which has huge benefits in the time it takes to bring an R&D tax claim together as well as ensuring every eligible cost is captured.”

Why the Tax Cloud portal stands out from the crowd

The research and development (R&D) Tax Credits scheme was launched back in the early 2000s as a way to encourage UK companies to grow through innovation. This could be by the creation of new products or services for example, or the substantial upgrade of something that already exists.

The key to R&D Tax Credits lies in the resolution of a technical or scientific uncertainty that an experienced professional working in the field cannot easily solve themselves. In other words, your R&D work needs to include some kind of technical or scientific work where the outcome was uncertain from the outset.

The best thing about R&D Tax Credits is that any UK company of any size can be eligible. It’s an extremely generous tax relief too, with up to 33% of qualifying costs reclaimable from HMRC. It is offered either as a reduction in the company’s Corporation Tax liability, or as a cash payment if the company made a loss.

This is all great, and with latest 2021 statistics showing £7.4 billion being claimed to the year ending March 2020 it’s something that many UK businesses are benefitting from. But the problem often comes in the application process itself, especially understanding exactly which of your project’s unique costs are claimable and which aren’t.

There also tends to be two types of applicants here; those who are so worried about over-claiming that they miss costs out, therefore leaving money on the table, and those who believe they know what they’re doing and therefore run the risk of an HMRC enquiry due to claiming for costs that are ineligible. Either way, neither of these are great - which is why so many companies are using the Tax Cloud portal.

Launched back in 2017 by the R&D tax experts Myriad Associates, the Tax Cloud portal is a step-by-step way to complete your R&D Tax Credits claim. Fully guided and supported by our team, your application is divided up into stages, with each step only unlocking once the previous one is completed and checked by our team. We’ll always give feedback too, so additional information and extra tweaks can be made along the way.

As part of your application, you’ll need to include various figures relating to your R&D costs. This is where Xero integration (if your company uses Xero) can be extremely helpful as it makes populating your application with figures much easier. The Tax Cloud portal is also cloud-based which means you can access it 24/7 from any internet-connect device. This is perfect for remote working and completing your application at a time that suits you.

Tax Cloud features

The Tax Cloud portal is one of the most comprehensive around. Key features include:

• No long term contracts to be tied in to
• One portal that contains all your claim information
• No face-to-face meetings required
• No extra fee for chasing or responding to HMRC
• Auto generation of an HMRC compliant claim report
• Multiple team log-ins

You also only pay when your claim is paid, with nothing payable up front so there’s no risk. We’re also very proud of our proven success rate.

Try the Tax Cloud demo free or get in touch

“Tax Cloud, research and development credit claims platform is fantastic, as it sets out all the requirements for making a successful claim. The team and support is extremely helpful and prompt in answering queries and they provide very valuable guidance. We certainly will be using this service every year going forward.” - Hilton Supra, Vice Chairman, Ztudium Limited.

If you’re running a small business and think you may qualify for R&D Tax Credits, why not book a free demo to find out more. You can also of course get in touch with our team for a chat about your claim by calling 020 7360 4437 or by using our contact page.

We’ll soon be able to confirm your eligibility for R&D Tax Credits and help sign you up to the portal ready to get the ball rolling.

With average claims in the UK topping £55,000 it’s something you’ll want to get right first time. Give yourself the very best chance of maximising your claim too by using the Tax Cloud portal. Why risk leaving money on the table that’s rightfully yours?