THE ACCA has announced a partnership with UK research and development tax reclaim specialist RD Tax Solutions.
RD Tax Solutions will provide R&D tax credits and reclaim services to the clients of the 188,000 members of the institute.
Chris Quick, head of ACCA media, said: ‘‘We are delighted to be working with RD Tax Solutions. Given how critical R&D is for the future prosperity of the UK, they offer a highly relevant service to our members.’’
Mark Tighe, managing director of RD Tax Solutions, said: “We are thrilled to have partnered with an accounting body as prestigious as the ACCA and will work with their members to deliver sizeable tax benefits to their clients.”
In the last three years, RD Tax Solutions has generated £20m of tax relief for business owners through R&D tax credit identification, with an average saving of £39,000 per client.
R&D tax credits are valuable as a tax relief available to companies across all sectors in their development of systems, products, processes, and services, yet few businesses (1%) are aware that they are eligible and make the claims.
Mark Tighe added: “R&D credits are an overlooked area of tax relief among the UK business community and this partnership should help rectify this.”
The tax credits can be offset against a corporation tax bill or be claimed as a cash sum paid back to a company by HMRC.
RD Tax Solutions operates on a ‘results-based’ basis, and only charges a fee once the tax benefit has been identified, meaning there is no financial risk and no up-front cost for business owners.
The ATT had previously expressed concern that the legislation was overly complex and created unnecessary complications within the practical working of the new allowances
Introduced in 2013 to encourage R&D investment, the scheme allows UK businesses to pay only 10% corporation tax on profits derived from any UK or certain EU patents
Yet, KPMG’s annual survey shows that the UK is still an attractive place to do business, despite falling in rankings in tax competitiveness and FDI appeal
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