Tax Cloud V's The Full Myriad Service: A Comparison
Several factors to consider
Seeking the services of an expert R&D funding consultancy is crucial - but whether you should choose a self-service portal like Tax Cloud or a complete consultancy service will depend on a number of factors. Here we arm you with the knowledge you need to decide which route is best for you and your business.
What are R&D Tax Credits?
The Revenue-backed R&D Tax Credits scheme represents a generous tax incentive for companies in Ireland to innovate. It allows eligible organisations to claim back a portion of their R&D expenditure, typically up to 37.5% (certainly generous).
Open to all Irish companies of any sector or size, the benefit is awarded either as a Corporation Tax reduction or as a cash credit. A huge range of R&D activities and costs are covered - as long as the project looked to address a specific technological or scientific uncertainty.
We won’t go into any more detail here as it’s a diverse topic and there’s a wealth of information on both the Myriad Associates and Tax Cloud websites. However, we do recommend taking a look at some of our recent articles before moving on:
- R&D Tax Credits: Eligible Projects And Costs In Ireland
- Most common R&D questions asked by businesses in Ireland
- What Are The Main Types of R&D?
The Tax Cloud portal: What does it offer?
In order to make any kind of comparison between the two offerings, it’s first important to understand the specific differences between the two.
Essentially, the Tax Cloud portal was devised by the R&D tax and funding experts at Myriad Associates. It’s a hands-on way of making your own R&D Tax Credits claim, but with the benefit of full specialist support along the way.
The Tax Cloud portal is less expensive
The Tax Cloud essentially means lower fees because it relies on you entering in your own figures and costs and devising your own technical report. It’s a little more time-intensive, which is reflected in the price. However, it’s still an incredibly attractive option for smaller companies looking to save cash, or for those with very straight forward financial situations.
Once your claim is successful, you can expect to pay around 20% of your award in fees if you choose the full consultancy service. However, when using the Tax Cloud that fee will drop to either 5 or 10% (see our latest article on Tax Cloud pricing). It’s certainly a considerable draw.
Full control to work on your application 24/7
The Tax Cloud portal is cloud-based, meaning you can access it from any internet connected device at a time to suit you. No servers, nothing to download and no bits of paper floating around - just sign in securely and go. It’s also compatible with Xero if that’s the accounting system you (or your accountant) use.
It’s still fully supported
The portal works by taking you through a series of stages you need to complete. At the end of each stage, one of our expert team will examine your answers and figures and flag up any issues. And of course, we’re on hand if you need any advice along the way. The next step only “unlocks” when the previous one has been checked, and we’ll also go through everything with a fine tooth comb before final submission.
The portal also makes it easy to keep track of your application and everything is completed remotely. There’s no need to meet up with anyone in person and you can work through your application at your own pace.
Think the Tax Cloud might be for you?
If you think your business may be eligible for R&D Tax Credits then why not try our free Tax Cloud demo to find out more. You can also contact us to discuss your R&D plans or ask any further questions about the portal to make sure it’s the best way forward.
Ok - so why might I choose Myriad’s full service offering instead?
On first glance it seems like a no-brainer - the Tax Cloud portal is cheaper and certainly simple to use. But actually, many businesses decide on balance they like the thought of the full Myriad Associates consultancy service for a number of reasons.
Firstly, the time you’ll spend working on your R&D Tax Credits application yourself compared to the portal will be minimal. This makes the full service a popular choice for larger companies, or those who simply don’t have time to do the legwork themselves.
Once one of our team has sat with you to discuss your R&D projects, costs and wider business goals in detail, they will go away and complete your application for you. We’ll actively seek out any costs that may have been missed, therefore maximising your claim for you.
Additionally, many claimants simply feel unsure about claiming R&D Tax Credits in general - especially if they have never claimed before. By engaging the full consultancy option from the start, you’ll benefit from a highly responsive, competitive service that means you can claim R&D Tax Credits more confidently. And (as with the portal) if Revenue comes back with any questions once the application has been submitted, we’ll deal with those on your behalf too.
Looking to discuss the full Myriad consultancy option, or anything else we’ve raised?
We appreciate it may not be an easy choice when it comes to deciding between the full consultancy service or using the Tax Cloud portal. This is why we’re happy to advise you based on your individual circumstances.
The Myriad Associates team consists of advisors and specialists focussed entirely on R&D tax and funding. Based in Dublin, we’ve been in business in both Ireland and the UK for nearly two decades and are proud of our 100% success rate in helping companies claim the tax credits they deserve.
All of our staff work remotely, so it doesn’t matter where in Ireland you’re based. Our work is also carried out by video call, phone or email both during the COVID-19 pandemic and beyond.
- Submitting R&D tax claims since 2001
- 100% success rate
- Over €100m claimed and counting
- Industry leading specialists
- In-house technical, costing and tax experts
- Member of the Research and Development Consultative (RDCC) committee
Meet some of the team behind Tax Cloud