The evolving role of an accountant
Compliance related activities remain a core service provided by accountants; an important provision to ensure companies meet their financial obligations.
However, the increasingly competitive landscape has left companies needing more support than ever to ensure their business thrives and stands out from the crowd. They find themselves leaning on their accountant for the advice and expertise needed to do this.
A client-supplier relationship is no longer sufficient. Businesses seek partnerships, looking to accountancy firms to be an extension of their own finance team, all with the same goal of increasing the company’s financial well-being.
So what can accountants do to meet this greater expectation?
Accountants need to provide added value services; services that will improve the business’s bottom line. If you don’t already do this, you need to be aware that your competitors will be.
Services such as research and development (R&D) tax credits can be extremely beneficial to companies, allowing them to claim back up to 33% of their innovation and development costs; money that can be reinvested into the business to achieve growth.
It is impossible to be a specialist at everything, especially with services that are beset with a magnitude of rules and regulations such as the R&D tax credit relief. It is more important than ever that accountancy firms expand their network, partnering with specialists who can provide these services. This will ensure that your client base claims what they are entitled to.
Companies are now more educated than ever on what support is available to them. Forming these partnerships will prevent clients seeking advice from your competitors, avoiding the possibility of losing that client completely.
LimestoneGrey’s fee sharing opportunity
The R&D tax credit claim process can be extremely complicated and with the risk of imposed penalties and fines from HMRC, it is important that the client gets specialist advice to prepare an optimised claim that is robust to withstand HMRC scrutiny.
LimestoneGrey is an independent firm of Chartered Tax Advisers, specialising exclusively in R&D tax credits. This level of specialism provides us with a more thorough understanding of the tax legislation, HMRC practice and how it interacts with other aspects of your clients’ businesses.
We work with accountants of all sizes to provide this service without a conflict of interest. Partnering with LimestoneGrey for R&D tax credit claims enables you to provide a positive and valuable service to your clients on a revenue sharing basis, enabling you to earn additional income without increasing your workload.
Why not join us on Tuesday 25th February at the Natwest Accelerator Hub in Cardiff, where we will be joined by a panel of experts to discuss the ways you can grow your accountancy practice by avoiding key business risks. Matthew Jones, managing director at LimestoneGrey, will be discussing R&D tax credits and how it is vital that you help your clients claim the relief. The event is free to attend, places can be booked via the link below.
Book your space
One Temple Quay, 5th Floor, Temple Back East, Bristol, BS1 6DZ
0330 223 4 223