Money and Finance
Gloucestershire firm saves businesses £18.5 million
If ever you wondered whether a good accountant and business advisor wasreally worth it, perhaps learning that one firm has saved its clients £18.5 million in tax relief will convince you.
That accolade can be pinned to the chest of one of Gloucestershire’s best-known firms of accountants which has done a little due diligence on its own work to come up with the impressive figure.
When companies are scrutinising costs and looking for possible savings like never before, news of the net savings made possible by James Geary and Gina Gardner at Randall & Payne over the last six years could see their phone become red hot.
But the Shurdington Road-headquartered firm has also shouted about its good work for two other reasons – one, because with businesses eager to reduce outgoings a number of what it calls “boutique firms” have appeared in the market place.
And secondly, it believes its particular expertise which has led to the multi-million-pound figure – its knowledge of research and development tax relief – could benefit many more companies.
“Twenty years on since the scheme was introduced, so many businesses are still only now realising R&D tax relief is something that they are able to harness, often for 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 Ms Gardner, a chartered accountant at Randall & Payne.
She added: “There are still significant missed opportunities.”
After an initial chat with a business the team will not take on the work if it does not believe there is a claim so it has a 100 per cent success rate.
A testimonial from one of its clients should provide any final motivation you might need, should you be a business hesitating to investigate the possibilities.
“We were not previously aware that R&D tax relief could apply to the bespoke fire and security solutions we provide to our customers until speaking with James (Geary), and an initial two-year claim provided a cash flow boost to the business worth in excess of £200,000,” Jason Buttle, of Barnwood-based fire and security industry experts GBE Converge.
Mr Geary, the firm’s lead in corporate tax and a specialist in R&D tax claims, describedthe relief as providing “a vital cash boost to companies that are developing and improving their products, processes or systems”.
“In recognition of the importance of this relief at the outset of the coronavirus pandemic, HMRC deployed additional resources to their teams reviewing and processing claims to ensure that they continued to meet their target of processing and issuing cash payments within 28 days of application, and with the odd exception, our experience is that they have met that target and usually manage to beat it.”
To read the full article visit: £18.5m research and development tax relief saving.