Accountancy R&D Tax Credits
The accountancy industry is incredibly valuable to the UK. It contributes around £60 billion to GDP each year, and accounts for around 40% of output for the entire financial services sector.Accountancy is a sector that is experiencing a lot of innovation, from the development of cloud based accounting to optical character recognition. Any accounting firm that takes part in developing new products or processes could be eligible for accountancy R&D tax credits.These tax credits can fund many of the expenses connected to introducing new practices. These include:
- Staff costs
- Software costs
Can I claim accountancy R&D tax credits?
Many accountancy firms will be able to claim R&D tax credits. As long as your business runs a project that develops new products or processes - or improves existing ones - you could claim accountancy R&D tax credits.
You must also be:
- A limited company, subject to corporation tax
- Involved in R&D
- Spending money on R&D
R&D tax credits can take the form of direct cash payments, or a reduction in corporation tax. Either way, it frees up vital funds that can help your company continue to innovate and grow.
If you aren’t sure if you can make a claim, the best thing to do is to contact RandD Tax. We will identify if you can make a claim, what scheme you should claim under and how much you can expect.
How to claim accountancy R&D tax credits
At RandD Tax, we understand that accountancy is a demanding industry, with numerous tight deadlines.
That is why we are here to handle your accountancy R&D tax credits claim for you. We have the experience needed to process your claim quickly with HMRC, ensuring your incentive is released as soon as possible.
Contact RandD Tax today to find out more.
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