Why not try switching R&D consultants?

The R&D Tax credits scheme is a fantastic government incentive for supporting innovation in the UK. Particularly, as we continue to face ongoing uncertainties to the economy with the current pandemic and leaving the EU, R&D tax credits is another source of funding that companies need now more than ever. As awareness of this generous scheme has increased and more advisers enter the market, choosing the right adviser to trust with your R&D claim can be difficult.

Those businesses, well-advised in R&D Tax credits, are most likely already claiming via their accountant or an R&D specialist. Having claimed for multiple years, you maybe be happy with your current provider and switching to a different adviser may be out of the question, even if their terms and fees are more appealing.

There are many reasons why you might consider switching from your current adviser. Surprisingly, top reasons for changing advisers don’t include lack of contact, poor service or bad advice. Changing an adviser, when you are unhappy with the service seems like a reasonable thing to do, whilst changing an adviser when everything goes smoothly – that can feel awkward, disloyal or even disingenuous. Whilst you might be enjoying a smooth service, efficient communication and reliable result, there may still be unexplored options that can potentially optimise your claim, or free up some time, or a lower fee. If you haven’t tried another company, how do you know for sure you are getting the best service at a fair price?

However, as with our energy bills or car insurance, it is easier to just let things roll and enjoy the autorenewal as opposed to investing your time and effort in searching for a better deal. In most cases, loyalty, trust and no-effort-spent options can outweigh obvious financial benefits.

If you are ready to switch, you first need to check your contractual obligations with your current specialist. It could be that you are in a multi-year contract, but still double-check the contract for any opt-out clauses. If your contract is about to expire, it’s a good time to start exploring your options. After informing your current adviser, your new adviser will ensure a smooth and straight forward transition and will start working on your claim and establishing an ongoing and trusted relationship with you.

We know, it can be tricky to select a new adviser. Read our short article highlighting key areas to look for when making a decision of switching to a new R&D adviser:

https://www.randdtax.co.uk/what-standards-should-an-rd-tax-credit-adviser-meet-tw

Tim Walsh

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Tim Walsh
Tax Specialist