Celebrating 5 years as R&D tax credit consultant – How have we performed at RandDTax?
On 31st August 2017 it’s exactly five years since RandDTax (A.K.A. Terry Toms and Partners Ltd) started providing a specialist R&D tax credit consultant service and what a great five years it’s been. I take a look back at our journey and reflect on why we have been so successful.
We have helped over 825 companies claim a total of in excess of £63 million and that’s before we look at what’s happened in our last quarter to 31st August 2017. We’ve also run numerous R&D tax credit workshops for accountants.
Read other articles included in Funding News September 2017
A big thank you to our accountant partners
At Terry Toms and Partners Ltd we have been privileged in being able to build a network of accountants that realise the benefit of referring their clients to a specialist R&D tax consultant to assist them with their R&D claims. The majority of our business has come from accountant referrals although other professional business advisors and our clients also refer business to us.
We run a free complimentary R&D tax credit workshop for accountants, to help them better understand how R&D tax credits work particularly which of their prospects or clients may have a potential R&D claim.
A networking story
As with many businesses, it has also been essential that our consultants get out and network, you never know where that will lead you – in my experience it certainly can lead to building new, productive professional relationships.
One of my earliest successes was from visiting an E-commerce expo in Olympia where I met a company director that had been trading for less and two years. The company was and still is developing ecommerce software. I told the MD about R&D tax credits and he agreed to engage RandDTax to assist him with making an R&D tax credit claim. In the first year that we supported the company their turnover was around £850K and their R&D claim was worth around £35K. Five years later and their annual turnover is now in excess of £5 million and their R&D tax credit claim is likely to be worth in the region of £300K.
Who are our clients?
In the main we work with SMEs that are spending anything from around £30K to £2 million per year on R&D. The majority of our clients are claiming for software and technology developments. We also have a good number of manufacturing clients such as precisions engineers, electronics, food and packaging manufacturers and of course inventors and creators of new gadgets, equipment and machinery.
How have we done?
So far we have enjoyed a 100% success rate - none of our clients’ R&D claims have been rejected by HMRC. We always scope out the viability of a claim without making a charge - our fees are contingent on our client making a successful claim.
From the start we aimed to provide a good value, high quality service and looking back I would say that strategy has paid off. It’s been a fabulous five years. I’m delighted to have had the opportunity to personally act as an R&D tax credit consultant for around 100 innovative companies. This involves meeting very interesting people and getting fascinating insights into where technology is leading us and how UK companies are being creative, sometimes in the face of significant challenges – after all it has been an extraordinary five years, politically and economically.
To read RandDTax testimonials click here.
To request a complimentary R&D tax credit workshop for accountants / your accountancy firm click here.
To check if you qualify for R&D tax credits click here.
Are you ready to find out if you qualify or how much your R&D claims could be worth?