Since James Geary joined Randall & Payne in August 2014, our clients have saved over £7 million in tax from R&D Tax Relief. This week James talks about the size of an average R&D claim in the IT sector.
We complete claims for a large number of companies in this sector. In these fast moving times innovations around online and cloud based systems are moving at breakneck speed and new security threats present themselves on a daily basis. IT innovations are therefore constant and systems have a shorter and shorter shelf life. Key to these businesses is therefore constant innovation, both in terms of new systems and upgrades to existing systems.
We deal with many companies in this sector that have turnover typically between £250,000 and £1.5 million, usually with at least four or five developers on their payroll. Annual R&D claims are worth on average around £30,000 for this kind of company, which is very valuable cash often enabling them to expand and take on another developer to further grow the business, which then further paves the way for even more valuable claims for the growing business.
Two of our IT clients have grown over the last five years to the point where the annual claims are worth well in excess of £100,000 every year, and the relief has become a crucial part of their growth strategy.
James is Head of Corporate Tax at Randall & Payne, and has a particular focus on R&D Tax Relief, Patent Box and Capital Allowances.
Key to the way James operates is a collaborative and adaptable approach to projects, both when working with clients but also when working with other firms to help their clients with R&D claims. This approach has won a lot of support locally, and the firm now benefits from a considerable number of referrals from other accounting firms that do not themselves have R&D Tax Relief as a specialism.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
