If you are looking for an R&D tax accountant, then you will want to find one that works perfectly with you. The core of this is getting to know them and how they tick. They will want to do the same with you. R&D tax can be an integral part of your business. As we look forward to the future in business, we all want people to work with us that share the same ideas and values. Many small businesses want to outsource a chunk of what they do so they can concentrate on their core.
With this in mind, let’s take a look at why getting to know your chosen accountancy firm will give you the best results. And we all want the best results, don’t we?
How You Can Start to Build A Great Relationship with Your Chosen R&D Accountancy Firm
Fist things first, the relationship you have is the most important part of this. If you get on with someone then you can go so much further. There are some great ideas on how to build a relationship, such as
- Organise a social event that both companies attend
- Invite them to your place of work to see what you do
- Include them in communications about your business
And these are a good start. The days of staid accountants are well and truly over. You want an R&D accountant that talks tech as well as they talk tax. It will help you to communicate what you do and maximise your R&D tax claims.
There are always ideas out there for getting to know others in business better. Think about the conversations you have. We recommend you make it personal rather than solely professional. Your shared vision will help you to work together in the future.
What Questions Should You Be Asking About the Company?
On the professional side of things, though, you will need to know certain elements before you become confident in the R&D tax accountant you have chosen. As well as a company that you can work with, you want to know their results. So, you should ask them a few things, such as –
- Do you work with other companies in our industry?
- Can you come and meet us at our business?
- Do you have a good track record of success with the HMRC on R&D tax claims?
- Will you answer all questions from the tax man regarding our claim?
Once you have the answers to these, you will have a much better idea of whether this is an R&D accountant that you want to work with.
For the record, LUMO’s answers to these questions are – Yes, Yes, Yes (100% success rate) and Yes. If you like the sound of that then get in touch to find out more.
What Questions Should You Be Asking About Your Projects?
R&D tax is linked to specific projects within a business. And your projects will determine not only whether you have a valid claim but the size of it too. With this in mind, you should be asking a series of questions about your claim, such as –
- Which projects in the business can I make a claim for?
- Which costs in the business can be included in the claim?
- How many years can I go back and claim for?
- How much cash will this project generate a claim for?
Of course, it’s the last of these questions that brings the most interesting answer. But you need to know all about the potential claim to answer that. LUMO look at your business and can give you a good idea of whether you have a valid claim based on a 30-minute chat. We know you are busy, so make it as easy as possible for you.
How R&D Might Benefit You
Well, with all of the above to think about, you might wonder how R&D can benefit you. There are some pretty engaging reasons. Firstly, we have helped companies across the UK claim back millions of pounds of R&D tax credits from the tax man. The average size of a claim is in excess of £50,000. That make a big difference to many businesses.
Secondly, this cash comes back quickly. If the forms are submitted correctly then it can be back in your business in as little as 4 to 6 weeks. You can spend that money on anything you like.
Thirdly, it can change the way you do business. Once you know the value of this then, along with your R&D accountant, you can make this part of your ongoing business plan.