Why Use An R&D Tax Claim Portal Over An R&D Advisor?

As more and more businesses become wise to the initiative, there has been a startling increase in the number of applications made for Research and Development tax credits every year. If your company is involved in or has ever conducted research and development, R&D tax credits are almost certainly something you’ve pursued, or you’re currently interested in pursuing.

Traditionally, businesses turn to tax advisors for help with their R&D claims. However, there could be real benefits to gain by choosing an R&D tax claim portal like Tax Cloud instead.

Save Time on Making and Filing R&D Tax Relief Claims

With Tax Cloud, you get a full service from the start of the process to completion. Overall, it can make the process substantially quicker. Tax Cloud guides you through the process and allows you to work on your claim at your own pace. This gives you the opportunity to consult with tax experts, cost accountants and technical specialists if you need any help along the way.

Using Tax Cloud Is Less Expensive

With most tax consultancy firms, the cost of making a successful claim is around 20% of any corporation Tax Refund or Tax Credit you are entitled to. Compare that to applying for R&D Tax Credits through Tax Cloud which comes with a fee of 12.5% of the R&D Tax Credit. This gives you more money to spend on what really matters, like furthering new investments and projects.

Working With Tax Cloud ReducesYour Workload

You may think that taking on the responsibility of using a R&D tax portal will mean you need to do more work than if you gave the responsibility to a tax advisor. However, with a tax advisor, you are still needed to do a lot of work in providing information on wages, materials, overheads and any collaborations. With an online portal, you do the same work, but submit it yourself, with support every step of the way. Using Tax Cloud can save your company 37% of the consultant’s fee compared to traditional consultancy offerings for a similar amount of effort.

R&D Tax Claims Are More Involved Than Just Sending Your Tax Return

Following on nicely from the above point, it’s worth noting that you need to do more than just send your business tax return. You need to have records of everything that you have spent on research and development, including any subcontracted work with invoices and details of when the work was completed. By following the process through a portal like Tax Cloud, you can track what you have submitted and what you still need to submit. This can be a lot easier than constantly meeting up with or having to speak to an advisor, who is likely to have more than one client at any one time.

If you think your business may qualify for R&D Tax Credits, click here and book your demo of Tax Cloud free of charge. In addition, accountancy practices with clients using Xero can partner with Tax Cloud to offer a specialist R&D tax credits service and receive up to 50% of the fee for each claim successfully processed by Revenue.

About Tax Cloud:

Tax Cloud’s mission is simple: to reduce consultancy fees and make R&D Tax Credit claims easier and quicker for companies across Ireland. Since Sept 2017, Tax Cloud has helped hundreds of businesses successfully make R&D Tax Credit claims. Powered by Myriad Associates, clients are walked through the process and in doing so, ensure their claim is maximised and approved whilst not having to pay large win fees typically associated with full R&D consultancy. Click here to learn more about Tax Cloud and to book your demo.

Author Barrie Dowsett, ACMA, GCMA CEO, Tax Cloud