HMRC has recently put in place various measures to manage the granting of R&D tax credits; measures which aim to improve the integrity of the R&D tax consultancy sector and which set high expectations as to the level of service that companies should receive.
The changes implemented not only increase the complexity of preparing the R&D tax credit, but also put more emphasis on R&D tax credit counseling, with the Code of Professional Conduct in Tax Matters (PCRT) issuing guidelines recognizing R&D tax credits as a specialized service, which requires the advisor to be competent to provide such specialized advice and to perform his duties at all times with the utmost professionalism.
With the risk of harsh penalties imposed on claiming companies by the HMRC for poorly prepared bids, it is now more important than ever for accounting practices to ensure that they are direct clients to a qualified and regulated consulting firm for an R&D tax credit service.
Economic news Wales spoke to Limestone gray ‘s Director of Business Development and Marketing Lisa James delves into this topic.
LimestoneGrey has benchmark relationships with a range of accounting and corporate firms and are seeing an increase in reference partners following the recent crackdown. As we are a licensed tax consulting firm and specialize only in this area, we have the qualifications and experience to know how to prepare a claim. In addition, referees are reassured to know that they are referring their clients to a regulated consulting firm.
Matthew Jones, Founder and CEO of Limestone Gray, commented :
âIt’s a huge responsibility to refer your client to a third-party supplier. Your client has great confidence in you and will take any advice you give them into account. You need to make sure that the companies you recommend are right for your purpose and have the experience, qualifications, and regulatory requirements to provide high quality service. The recent HMRC update emphasizes, more than ever, that your client needs access to qualified R&D tax credit advice.
Businesses are more informed than ever about the help available to them. Forming these strong partnerships will prevent your clients from potentially seeking incorrect advice from unregulated companies or going to your competition. ‘
LimestoneGrey reference partner:
âBy working with LimestoneGrey, we were able to direct clients to a reputable agency for a very important topic. We have a very happy two-way relationship when it comes to communication – we are able to make referrals easily and they are quick to provide feedback and update the progress of the case, which is greatly appreciated.
Our activity is based on strong values ââand we work with a very credible clientele – Limestone Gray matches our values ââand credibility expectations – it’s wonderful to have a relationship with such a professional and friendly employee. ‘
For more information on LimestoneGrey’s referral program, Click here.
Limestone Gray is a licensed R&D tax credit consulting firm that is regulated by ICAEW and CIOT with years of experience preparing strong R&D tax credit claims that can withstand the scrutiny of HMRC .