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LimestoneGrey Experiences Increase in R&D Tax Credit Referral Partners Amid HMRC Crackdown

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HMRC has recently put in place a variety of measures to manage the delivery of R&D tax credits; measures which aim to improve the integrity of the R&D tax consultancy industry, and which set a high expectation for the level of service companies should receive.

The implemented changes not only increase the complexity of R&D tax credit preparation but also puts more focus on the R&D tax credit advisor, with the Professional Conduct in Relation to Taxation (PCRT) releasing guidance recognising R&D tax credits as a specialist service, one which requires the advisor to be competent to provide such specialist advice, and at all times performing their duties with the upmost professionalism.

With the risk of serious penalties imposed on claimant companies by HMRC for incorrectly prepared submissions, it is now more important than ever for accountancy practises to ensure they are referring clients to a qualified and regulated consultancy for an R&D tax credit service.

Business News Wales spoke to Limestone Grey’s Business Development & Marketing Manager Lisa James further on this topic.

LimestoneGrey has referral relationships with a range of accountancy and business consultancies and are seeing an increase in referral partners as a result of the recent crackdown.  As we are a firm of chartered tax advisers, and specialise solely in this area, we have the qualifications and experience to know how a claim should be prepared.  In addition, the referrers have comfort in knowing that they are referring their clients to a regulated consultancy.

Matthew Jones, founder and managing director at LimestoneGrey, commented:

‘It is a huge responsibility referring your client to a third-party supplier. Your client has a high level of trust in you and will take on board any guidance you provide. You need to ensure that the companies you recommend are fit for purpose and have the necessary experience, qualifications and regulatory obligations to provide a high-quality service. The recent HMRC update highlights, now more than ever, that your client needs to access qualified R&D tax credit advice.

Companies are more educated than ever on what support is available to them. Forming these strong partnerships will prevent your clients potentially seeking incorrect advice from unregulated firms or going to your competitors.’

LimestoneGrey referral partner:

‘In working with LimestoneGrey we have been able to refer clients to a reputable agency for a very important topic.  We have a very happy two-way relationship when it comes to communicating – we’re able to make referrals easily and they’re quick to feedback and update on case progress which is greatly appreciated.

Our business is grounded in some strong values, and we work with a very credible client base – LimestoneGrey matches our values and credibility expectations – it’s wonderful to have a relationship with such a professional and friendly associate.’

For more information on LimestoneGrey’s referral programme, click here.

LimestoneGrey is a chartered R&D tax credit consultancy that is regulated by the ICAEW and CIOT with years of experience in preparing robust R&D tax credit claims that can withstand HMRC scrutiny.