Unfortunately, the research and development (R&D) tax relief advisory sector has come under a lot of scrutiny over the past year.
In August 2024, the BBC reported that error and fraud had cost the Government £4.1 billion under the scheme since 2020.
When reports of R&D tax fraud and non-compliance hit the headlines, some accountancy firms decided to stop offering it as a service altogether, while many businesses either struggled to easily claim through their accountant or stopped claiming altogether.
We would strongly advise against this.
Here’s why past challenges shouldn’t deter you from offering R&D tax relief services – and how randd UK can help.
Market opportunity for R&D tax services
The exodus of accountancy firms offering R&D services has left a major gap in the market.
Furthermore, it is likely that demand for R&D tax services will only increase as a result of investment in innovation and growth by the Government.
If businesses are to benefit from these new funding opportunities, they will need dedicated support with submitting accurate, credible R&D tax claims.
Therefore, offering R&D tax support could be a great opportunity to open up a new service line and potentially take on more work, since we expect demand for high-quality advice to go up.
Additionally, while many firms think they should avoid offering the service if they don’t have sufficient demands from clients, a specialist R&D tax relief firm provides cost-effective support when you need it and remains highly flexible to your fluctuating work needs.
With the support of an excellent R&D tax advisory partner such as randd, offering R&D tax services presents little risk to your firm – and high potential for success.
You can still trust R&D tax relief advisers
The majority of R&D professionals do good work for their clients, helping them to access tax relief and drive innovation.
Sadly, the industry has been unfairly tarnished by a minority of R&D fraudulent tax advisers who pushed the regulations.
To avoid untrustworthy R&D advisers, it is important to do your research and due diligence. Word-of-mouth recommendations from trusted sources can be an effective way to seek out reputable advisers.
Additionally, keep an eye out for promises that seem too good to be true. Providers that claim a 100 per cent success rate – or guarantee that the process will go smoothly without any effort from you – should not be trusted.
Benefits for your existing clients
If you already work with businesses to prepare tax returns and accounts, it makes good commercial sense for you to support them with their R&D tax claims as well.
You will already have the insight into their work and costs, and it saves you or someone else duplicating work.
With the right support and guidance from a specialist R&D tax consultant, integrating R&D tax credits into an existing tax strategy can be hugely beneficial for your clients.
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.
R&D advice you can trust with randd UK
HMRC’s active enquiry programme has helped to reduce fraud and ensure that compliance remains high in the R&D industry.
Over the past two years, non-compliance in the R&D world has decreased significantly.
With support from randd UK, you’ll be able to help your clients make compliant claims and enhance the benefits they receive they receive from their innovations.
At randd UK, we offer accountants R&D assistance with all aspects of the relief process, from preparing a robust claim to resolving any challenges from HMRC.
We’ll ensure your claim is prepared to the highest standard and help your clients claim up to nine times more.
For R&D advice you can trust, contact randd UK’s expert consultants today.
