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As the new calendar year begins and a new tax year looms on the horizon, many accountants may be reconsidering the best ways to continue offering services.
While we recently released an article discussing the value of maintaining R&D tax relief support as an accountant, the exact nature of the offering is still open for debate.
It is wise to understand the benefits of outsourcing R&D tax relief support as well as the ways that it can be effectively managed in-house.
How does outsourcing R&D tax relief support work?
Some accountants elect to outsource their R&D tax relief support entirely, while others find a split approach works best.
Either way, it is possible for accountants to outsource R&D tax relief support without risking losing clients.
Effective R&D tax consultants will operate as a companion to accountants providing a level of expertise and focus that may be difficult to otherwise access.
In particular, outsourcing the creation of the technical narrative and creating R&D tax relief claim reports is a popular choice for accountants.
This allows accountants to focus on handling the finances of innovative businesses while the written work is managed by those who understand the specific criteria that Revenue assess when determining the eligibility of a claim.
Enquiry defence is also a popular avenue for outsourcing, given that there is a lot more pressure to provide Revenue with the information that it requests in the format that will satisfy any concerns.
It is common for accountants who submit R&D tax relief claims on behalf of clients to turn to R&D tax consultants for the enquiry defence to ensure that the hard work is not lost due to a valid claim being rejected.
Does outsourcing R&D tax relief claims bring more value for accountants?
The value that an accountant can get from outsourcing will largely depend on how much support they intend to offer with R&D tax relief claims.
If they have someone who is well-versed in the area, it may be sufficient to engage an R&D tax consultant in a supportive role to sense check submissions and ensure accuracy.
For accountants who want full confidence in managing the sometimes labyrinthine requirements of Revenue, it may be a better option to entirely outsource the work to an R&D tax consultant.
This allows the accountant to continue providing an excellent service to clients without having to divert additional time and resources into mastering R&D tax relief claims.
As mentioned, this can be particularly useful when managing enquiry defence, as this is an entirely different skill to compiling the initial report and is something where specialist support is vital.
Regardless of how you want to offer R&D tax relief support, we are on hand to assist you.
We never steal clients as we operate on a strictly non-competitive basis.
Instead, we act as extensions of your existing team, bringing our deep knowledge and understanding of the world of R&D tax relief to your firm.
We also work to support the defence of any valid R&D tax relief claim that is subject to enquiry, even if we did not work on that claim.
To find out more about how our team can support yours with R&D tax relief claims, get in touch today!
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