By James Geary

7 March 2018 Tax

Spotlight on R&D Tax Relief where it may not be expected

Since James Geary joined Randall & Payne in August 2014, our clients have saved over £7 million in tax from R&D Tax Relief. James talks about sectors where you might not expect R&D to be taking place.

R&D is taking place in many companies where one would not expect – often this is because of the link in to IT development which forms a key part of what they are trying to achieve.

One of our clients is a financial planning firm that have engaged a software developer to build an innovative platform to be used by their private client investors. Nearly all their development costs relate to payments made to this subcontract developer. The R&D claims for the first two years recovered £22,000 in Corporation Tax which has been very useful to them in helping to fund the project through to completion.

Another client is an ecological consultancy which specialises in analysing the impact of various projects on the natural environment.  Again the R&D tax relief was connected with a software tool they developed to analyse impacts of certain projects on rural areas and environments, which requires constant updates as new projects are undertaken and more variables need to be accounted for. Most of the costs for this client were internal staff, principally one of the director’s own time.  The first three years’ claims have been worth nearly £50,000, another great result in a sector where you might not expect R&D to be taking place.

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.

Contact James Geary for more information by emailing james.geary@randall-payne.co.uk or call 01242 776000.

 

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