Tax Cloud’s Innovative Online Tools Providing Cost Effective Solution to Ambitious SMEs

Tax Cloud’s Innovative Online Tools Providing Cost Effective Solution to Ambitious SMEs

SMEs that are eager to take advantage of the R&D tax relief incentive are being given a simple and effective way to process their claim thanks to a cutting edge online tool. Specialising in research and development tax credits, digital platform Tax Cloud, which offers a range of practical features, is an essential tool for ambitious businesses that are undertaking development activities within their sector.

Tax Cloud is fully supported by R&D tax specialists that are backed by years of experience, without a huge price tag attached. For small businesses that find the R&D tax credit system confusing, it’s the perfect solution. For businesses already claiming R&D tax credits it will ensure that their claim is maximised and that they claim their full entitlement to R&D tax. Created with the goal of providing a simple but effective tool for a range of businesses, the Tax Cloud process can be broken down into just four steps. All forward-thinking SMEs need to do is sign up at Tax Cloud, which incorporates an automatic verification process, describe their R&D activities and costs, and the expert consultants behind the tool will review, giving feedback where necessary. Finally, SMEs just need to download their completed R&D claim report to send to HMRC.

Barrie Dowsett, Chief Executive Officer of Tax Cloud, said, “Many businesses that are entitled to R&D tax credits are still not claiming.  They think or have been told that they aren’t eligible and the guidance from HMRC is very general and complex. At Tax Cloud, we provide a guided, innovative, and cost effective online tool to help them through the research and development tax relief claims process. With just four simple steps for customers to follow and a wealth of experience, it’s the go to place for support.”

The Tax Cloud website features a convenient R&D Tax Calculator, giving businesses interested in tax credits an immediate estimate of the corporation tax savings they could make through making a claim. For instance, a profit-making company spending £500,000 on staff working on R&D projects and £200,000 on sub-contractors, freelancers, and agency workers within R&D could make a net saving of over £140,000, a significant sum for pioneering businesses.

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