WITH ALL THE KIDS back at school and clients back from holidays, its full steam ahead in the office.
Plenty of March year-ends want accounts preparing yesterday, and lots of personal tax clients are on our case too. We are currently recruiting again to meet demand. Long may it continue.
By chance a few weeks ago, we were introduced to an R&D tax specialist, and since that first meeting my eyes have been opened! Throughout my career to date, and bearing in mind I don’t profess to be a tax specialist, I have always thought that R&D applied to men in white coats in a lab of some kind. How wrong could I be?
We are even thinking of making a claim for the practice, having recently commissioned a new IT system and internal database. I feel like a dog with a new bone. It’s not often that something excites me in accountancy, but to be able to talk to clients, and potential clients, about the prospect of money back from HMRC in the form of R&D tax credits is worth shouting about.
Judging by the number of non-clients I have spoken to about R&D recently not many accountancy firms have explored it fully. I seriously recommend giving it some consideration.
There is money to be had for clients. By way of example, a web-design company we act for, with five staff, have just secured a £30k claim. As a result they are moving offices and recruiting more staff. R&D tax credits in action!
Ironically we also act for a new client who has a laboratory, needless to say when the first year-end passes we will be processing an R&D claim.
Oh, and just to update you on the client we recently ‘disposed of’…they are back. Maybe they want a piece of the R&D action…
The Practitioner’s uncensored thoughts come from within their own practice – having left a regional firm in the heart of England
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