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Tread Carefully now! The potential pitfalls of R&D tax credit claims for the IT & Software sectors

Feeling confident? Already taken a few tentative steps along the road of R&D tax relief claims and can’t see what all the fuss was about?

FOR IMMEDIATE RELEASE

 
PRLog (Press Release) - Dec. 2, 2013 - EDINBURGH, U.K. -- Sounds like you’re ready for the ultimate challenge – an unaided foray into arguably the most lucrative area of R&D tax relief – the software and IT sector. Sorry, but STOP RIGHT THERE!

Attractive though it may sound, with an estimated £10 billion worth of R&D tax relief unclaimed since its introduction in 2000, the IT sector is full of potential pitfalls when it comes to cashing in on the Government’s generous R&D tax relief scheme.

Why exactly? Well if you’ve already dabbled in R&D tax relief, you’ll know that the HMRC guidelines, though well intended, are invariably complex and occasionally contradictory. That puts a lot of IT companies off, even if it’s hard to ignore the ‘£’ signs (with an average initial claim size of over £50,000 in 2012, according to Jumpstart, the UK’s leading R&D tax relief specialist).

Many of those who do persevere turn to their accountants for help and support. Great you say, but is it really? The fact that the vast majority of defence cases Jumpstart are asked to take on involve IT companies should be enough to make you look again before you leap. The problem is one of specialism.

IT and software companies know their own products inside out, but lack knowledge of the complex R&D tax relief legislation involved, so leave it to the experts. With accountants, it’s the other way around. You may have a working knowledge of R&D tax relief, but when it comes to substantiating what is after all a technical claim – and avoiding a time-consuming and potentially embarrassing HMRC investigation – you’re not going to know your enhanced Python frameworks from your SCORM adaptive sequencing or conventional segmented dynamic page technology.

And why should you! It’s not your job but it is ours. Which is why so many accountancy firms, including Peak Performance, are delighted to accept a helping hand from Jumpstart, proud winner of Business Insider magazine’s 2013 Sprint100 survey of Scotland’s fastest growing small businesses.

With its ever-expanding team of technical analysts, who combine a comprehensive understanding of the legislation with a deep and meaningful technical knowledge relevant to each sector, Jumpstart has already secured tens of millions of pounds in R&D tax relief for clients, including well over £8 million for clients in the IT sector. Doesn’t that sound reassuring? And here are a couple more sound bites:

“Working in partnership with Jumpstart makes the accountant the hero.”
Douglas Aitken, Director, Peak Performance Accountants

“My advice to other accountants is to talk to Jumpstart if they want
to enhance the services they offer to their clients."

Roger Bloomer, Director, Roger C Bloomer Chartered Accountants

To discover how much easier life – and particularly R&D tax relief claims – can be with the right support, visit www.jumpstartuk.co.uk, email: helpinghand@jumpstartuk.co.uk  or call Derek Brown on 0131 240 2900.

Contact
Jumpstart UK Ltd
0131 240 2900
***@jumpstartuk.co.uk

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Contact Email:
***@jumpstartuk.co.uk Email Verified
Source:Jumpstart UK Ltd
City/Town:Edinburgh - Edinburgh - United Kingdom
Industry:Software, Technology
Tags:r d, tax, Technology
Shortcut:prlog.org/12250113
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