Partners in Professional firms
Incentivising sustainability-linked loans
The implications of basis period reform for partners retiring in the next five years
VAT aspects of client account interest earned by professional services firms
Responsible procurement: How to embed sustainability in the supply chain
Client account interest – what professional firms need to know
We work with a range of professional firms of all sizes advising on their growth plans and always tailoring our advice to best suit your needs.
A professional practice, who having experienced significant growth in its business, sought a more efficient way of working.
The firms work is complicated but also process driven.
A review was undertaken of the available ‘off the shelf’ solutions, and it became quickly apparent that the software packages in the market did have the required capability to create personalised working practices in an electronic environment that encompassed all of the requisite enhancements.
The firm decided to undertake a large scale, complicated internal project to develop software to create electronic workflows, replacing the previously largely paper based system.
The project was costly as it required the firm to invest in a significant number of man-hours. With limited funding available to the firm, they sought access to R&D tax benefits to subsidise the cost of the project which was conducted via a subsidiary company and therefore within the R&D tax relief regime.
We identified a number of aspects of the development project on which R&D tax benefits could be claimed and we then helped them prepare their R&D claim.
To date the firm has received £187,000 of R&D tax credits from HMRC, with an estimated additional £60,000 due in
respect of the final phase of the project.