Updated: Jun 11, 2020
From the conversations I've been having recently with agency owners, Research and Development tax credits seems an often overlooked part of their cashflow and forecasting.
This could be because:
a) Their focus is taken up with attracting and winning new clients
b) There's a lot to manage just running the agency
c) They never took time to find out
Maybe they forget that potentially up to a quarter of their resource spend, billable time, tech and systems might be eligible for an R&D claim.
That's money that will come back into their agency!
Which is especially important for any agency, but more so during times like these.
However, R&D tax credit information has become the stuff of urban 'myth' and 'legend'.
I've heard constantly shifting 'chinese whispers' from other agency owners about what you can (and can't) claim for.
Time is precious right now, don't you agree?
Especially for agency owners who might be focused on just keeping their businesses afloat.
I've always believed that the best way to get to the truth, and understand something quickly is to go ask an expert.
So that's what I've done.
Everyone ... meet Kieron :-)
I've was introduced to Kieron (and rest of the team at BHP LLP accountants) through my work for other businesses I've worked in.
They helped me (and the team of 40+) I was managing navigate 3 years of R&D tax credit submissions to re-coup over £900K+.
Yep! .... that's A LOT of much needed cashflow for the businesses my development team was part of.
But you don't need to be a big team of 40+ to benefit from getting tax relief and credits back for the work you do!
Most agencies are working in R&D projects at certain points. So it pays (quite literally) to know what qualifies, where to find advice, and how to approach your projects for R&D claims.
My previous leadership of teams covered work across:
MVP design and builds
Pretty much working across sectors that most agencies cover.
Maybe yours does too?
OK enough chit-chat from me - go find a comfy, quiet place.
Get your headphones on, and listen in to the advice Kieron talks us through in this interview.
N.B. There's further details and helpful resources below the show notes - so you can see what's covered and if it relates to you. :-)