There is a prevailing myth among accountants that your Research & Development (R&D) tax credit service must be brought in-house in order for your practice to succeed.
However, this isn’t the only way forward – and it may not be the best option for your firm.
Many firms are unaware of the flexibility of providing tax expertise or struggle to find the right approach.
Here, we explain the potential problems of keeping R&D tax services in-house – and how outsourcing to randd UK can provide a cost-effective solution.
Financials
Bringing someone in-house works for some firms – many of the larger international and regional accountancy firms will have R&D tax experts on their staff.
However, for other firms – and especially for smaller accountancy practices – it might not be economically sound to do so.
This is because R&D activity may not be consistent year on year. There will be periods in which you experience a flurry of activity and times when things are much quieter.
Committing to a full-time, in-house specialist means you are locked into that cost, regardless of whether your practice is actively working on claims or not.
In this situation, many firms think they should just avoid offering the service if they don’t have sufficient demands from clients, but this is where partner firms and advisors come in.
A specialist R&D tax relief firm provides cost-effective support when you need it and remains highly flexible to your fluctuating work needs. It is also easily scalable should you take on more R&D work.
At randd uk, we provide expert R&D help for accountants to put together robust claims for their clients – when and as they need them.
Professional conduct
Accountants and tax advisers are bound by professional conduct rules, meaning you should not be doing work for which you are not qualified for.
Most accounting firms lack the specialist knowledge required to deliver effective R&D tax claims – and accountants without this right expertise should not be tempted to dabble in R&D tax relief.
While you may have enough knowledge to be able to identify an eligible claim, you must go to a specialist for expert advice. Otherwise, you risk getting in trouble with your professional body.
Won’t I lose clients?
You might be concerned that outsourcing your R&D tax service could result in the loss of your hard-won clientele.
However, with randd uk, this couldn’t be further from the truth.
We work with accountancy firms on a non-competitive basis, meaning we do not encourage their clients to come to us for other services or support.
We remain focused entirely on R&D tax and working well with our accountancy partners.
This can involve firms referring their clients to us directly to work on claims, but we also provide advice via our partners’ tax teams.
Why outsource your R&D tax services to randd?
Dedicated R&D tax professionals are not common outside of advisory firms like ours, and it may not be cost-effective to bring your R&D tax services in-house, particularly if you do not have huge suedes of clients looking to make a claim.
Specialist advisory firms are the perfect solution – enabling accountancy practices to offer R&D tax services to their clients without breaking the bank.
With randd uk, you can help your clients to claim up to 9 times more with:
- A dedicated R&D expert: An R&D tax specialist will help you ensure that you’re always up to date with the latest guidance and best practices from HM Revenue & Customs (HMRC), which is particularly beneficial for firms needing sector-specific advice.
- Reduced errors: Improve the quality of the service you provide to clients and reduce the risk of mistakes and missed opportunities. Our R&D tax consultants know exactly how to maximise your client claims whilst staying compliant with HMRC regulations.
- Saved time: With an R&D partner handling your R&D tax claims, you’ll be free to dedicate your time to client-facing work and enhancing the client experience.
While the R&D tax relief scheme can seem complex, working with an expert R&D tax consultant can simplify the process and ensure that your claim is prepared to the highest standard.
We offer accountants R&D assistance with all aspects of the relief process, from preparing a robust claim to resolving any challenges from HMRC.
Partnering with an R&D tax specialist doesn’t mean giving up control – it means giving your clients the best possible chance of a successful claim.
Save on the costs and inefficiencies of in-house R&D. Contact our expert consultants today to help your clients with their R&D claims.
