What Makes A Superior R&D Tax Credit Claims Portal

Specialist R&D tax services without the price tag

Launched back in the early 2000s, the R&D Tax Credits scheme is a highly valuable tax incentive offered by the Irish government to reward business innovation. Eligible Irish companies can claim a credit against their Corporation Tax of 25% of their qualifying R&D expenditure, over and above the 12.5% standard rate. So in effect, €37.50 can be received back for every €100 a company spends.

However the scheme itself is complex by its very nature, requiring specialist advice, claim management and guidance. Most R&D tax consultancies will base their fee on a percentage of the Corporation Tax savings their client has made. But this can represent quite a chunk of money for very small businesses and start-ups in particular which can be off putting.

The solution? Tax Cloud

In late 2017 Myriad Associates launched the Tax Cloud portal in the UK, later unveiling Tax Cloud IE for our Irish clients. Once both versions were online, we were pleased to see take-up increase sharply, especially amongst new companies and SMEs.

But what makes the Tax Cloud portal so effective? And how are business supposed to know where to turn when it comes to making an R&D Tax Credits claim via a guided portal?

There are certainly some very specific elements to look out for if you want your R&D Tax Credits claim in Ireland to go smoothly.

What sets online portals apart?

A big advantage to online R&D Tax Credit portals are that they can save businesses a lot of money when compared to the full tax claims service.

One thing we would strongly recommend is choosing a portal that supports you throughout your claim, not just at the end before you submit it. Furthermore, you should be able to ascertain your eligibility right from the outset, so as not to waste any time or effort on something that won’t qualify.

Here are some other important things to watch out for (and yes, the Tax Cloud portal features all of them):

Low fees

The amount a business pays in fees having used an online claims portal should always be much lower than traditional services. This is because it’s down to claimants themselves to enter in their figures, and explain thier technology that will fuel the basis of their technical report. It’s a different approach to the full service offering, and the cost should reflect that.

Access to qualified R&D tax specialists as required

The portal you choose really should have qualified, highly experienced advisors on hand to review your claim at each stage. They should be easy to contact if you have any questions along the way too, with several channels of communication available. It all means that claimants can benefit from expert guidance for a fraction of the usual cost.

Easy communication

As a minimum there should be an online chat facility, as well as video calling, phone and email support. You should also be able to access the same claim manager through the portal, and work with the same people each time. With the Tax Cloud portal, this allows us to get to know you and your specific circumstances, and for you to build trust in us too.

Open lines of communication also mean that users can progress their claims at a pace to suit them with no delays.

Integrations

Nowadays, businesses often use a number of accounting systems and integration with a least one of the main ones is crucial. Being able to import project data such as expenditure straight into the portal from your accounting software, like Xero, can avoid the errors often seen in manual data entry. Not only that, but it’s far more time-saving and efficient too. It all adds up to a much more streamlined experience (and no hunting around for bits of paper).

Cloud-based technology

An R&D tax claims portal worth its salt will be fully cloud-based and accessible 24/7 from any internet enabled device. No servers or maintenance required.

The chance for accountancy firms to work with the portal too

The Tax Cloud portal is divided into two sections - one for businesses and one for accountants. The accountancy side specifically allows accounting practices to seamlessly expand their R&D funding service without taking on extra staff. It’s the ideal chance to branch out and attract new clients, in turn generating additional revenue. There’s free training available too, and of course a generous partner package that means accountants can claim a 30% revenue share fee.

Online guidance

R&D Tax Credits are complex and there are many grey areas. Knowing exactly which of your costs are eligible - and which aren’t - is far from straight-forward with legislation sometimes changing rapidly. Portals that are equipped with online guidance alongside expert specialists, mean you know all your costs have been accounted for and your claim will be maximised. There’s no risk of over or under claiming.

Peace of mind

Every R&D Tax Credits claim is scrutinised by Revenue inspectors and if there are any anomalies - however innocent - you can be pretty sure they’ll find them. Even the smallest of errors can result in Revenue launching an investigation into the company’s wider activities which can be stressful, expensive and time consuming.

When you use an online claims portal like the Tax Cloud, you know your claim is totally compliant. Platforms created by established claims experts like Myriad Associates will always meet the correct standards, helping to prevent any Revenue enquires. Not to mention sleepless nights.

Find out more and get the ball rolling

A good place to start is to look at our About R&D Tax Credits page to get a feel for the scheme and how it might apply to your company. Further down the page you can also discover exactly how the Tax Cloud portal works, what steps are involved and what you can expect.

The Tax Cloud portal has already processed hundreds of claims across both its Ireland and UK websites with a 100% success rate. Quick and simple to use, it’s free to sign up - and the financial rewards could be substantial.

Get started with the Tax Cloud portal today or contact our team for any further advice.

Our recent blog post may also prove helpful: Most common R&D questions asked by businesses in Ireland.

Author Barrie Dowsett, ACMA, GCMA CEO, Tax Cloud