Firm of experts saves clients £20m - and rising
If you read a story on this website at the end of August about a certain firm of Gloucestershire accountants winning its clients £18.5m in tax reliefand thought you had missed the boat,we would urge you to think again.
Indeed, it seems much of the benefits being won by Randall & Payne for their customersis due to complacency among businesses, with many simply unaware of the potential savings to their bottom line.
We are talking about R&D (research and development) tax relief, and as to the stress the potential for business the Shurdington-based firm has just revealed the savings it has won have now passed £20m.
“Word is certainly getting out thanks to the efforts of our R&D ‘dream team’, James Geary and Gina Gardner of the corporate tax team, who have just hit the milestone of £20 million saved for clients over their six years with the firm,” said a spokesman for the firm of accountants and business advisors.
“The level of savings generated have been steadily increasing year on year, but since lockdown they appear to have rocketed.
“The relief is a way of releasing much needed cash flow for doing what businesses already do in most cases, and the more businesses they help, the more the demand grows.”
As it points out, it is now 20 years since the scheme was introduced, but still“many businesses are still only now realising R&D tax relief is something that they are able to harness”.
“Companies are often developing products and services which they considered to be standard, when in reality, they were pushing innovation as a company and the industry as a whole,” said the spokesman.
“The relief is a way of releasing much needed cash flow for doing what businesses already do in most cases, and the more businesses they help, the more the demand grows.
“Particularly in the current climate, the immediate cash flow advantage can mean the difference between a business surviving Covid-19 or not.
“With a current government consultation looking at further widening the scope of qualifying activities covered, this clearly demonstrates their long-term commitment to the scheme and reemphasises the wide range of qualifying sectors.”
While Mr Geary and Gardner have been at the centre of the work done by the firm, demand is such it has recently recruited a trainee to its corporate team, Joe Lock, allowing it to increase capacity.
Other accountancy firms are also referring their clients to the team because of its specialist help and success.