Finance
Easing Winter Tax Deadlines with a Combined Approach to R&D
Published by Jessica Weisman-Pitts
Posted on October 25, 2022
4 min readLast updated: February 3, 2026
Global Banking and Finance Review
Company
Published by Jessica Weisman-Pitts
Posted on October 25, 2022
4 min readLast updated: February 3, 2026
Although January is undoubtedly the most challenging month for accountants due to the huge volume of personal tax filings, the lead up to it is far from simple. The amount of deadlines that accountants must handle between September and December, from financial year ends to R&D Tax Relief claims, can...
Although January is undoubtedly the most challenging month for accountants due to the huge volume of personal tax filings, the lead up to it is far from simple. The amount of deadlines that accountants must handle between September and December, from financial year ends to R&D Tax Relief claims, can rapidly become daunting. Accountants may accidentally exclude crucial facts to support claims due to the intense pressure to complete claims on time, which may disrupt their relationships with their clients. This is why a coherent and repetitive process, combined with cloud-based technology, can re-shape the workload of the accountant, as well as the clients experience, explains Jen Badger, Operations Director at WhisperClaims.
Looming Deadlines
Accountants experience added stress from September to December. If their clients have eligible work, accountants should use R&D Tax Claims to offset the majority of tax bills that are due in September. Hard deadlines for December 2020 R&D Tax Relief claims, which must be with HMRC by midnight on December 31, as well as Financial Year Ends, are fast approaching. Furthermore, the country essentially shuts down around December 20 for the Christmas period, which is often forgotten. As a result, accountants are under even more pressure and have even less time to complete their workload.
January could then become an even more challenging month if accountants fail to meet these deadlines as it could mean clients lose out on important claims. Given the current pressures on cash flow, clients will not appreciate an accountant who has established a reputation as a reliable business advisor, but then fails to file an R&D Tax Relief Claim on time, or worse, submits one that is incomplete and triggers an HMRC investigation later on. To worsen situations, clients won’t appreciate being harassed for information at home during the countdown to Christmas.
Supportive Technology
Therefore, it is crucial that accountants set up reliable procedures for handling tax relief claims. Every client doesn’t need to go through a custom process. Accountants can enhance the consistency and calibre of the client experience by using a solid, repeatable process. And, a fundamental component of this should be leveraging the support of a technology platform.
Additional efficiencies and reducing the likelihood of errors occuring may be unlocked by having reliance on technology. For example, systems can quickly generate accompanying documentation and HMRC reports, while guiding accountants through the pertinent questions for an R&D Tax Relief claim. Additionally, it is essential to know at the beginning of each month when claims are due and how they are currently progressing. And for clients who have filed a claim in the past, updating the new claim with data from the previous year is simple and cuts down on the amount of time needed.
Maximise Skills
Maximising appropriate skill sets is another crucial step. Tasks can be divided more effectively, for instance between the financial and technical experts, when everyone inside the accounting practice has a complete view of the information, including claim status.
A cloud-based solution can also assist accountants in addressing the perennial issues related to persuading clients to supply the necessary information. Clients can self-serve by responding to a portion of the entire question list whenever it is most suitable to them and, if necessary, review the accompanying documentation regarding R&D Tax Claims and HMRC demands. Consequently, clients can upload data with confidence after work or on the weekend without having to speak with the accountant directly, which enhances data timeliness and prevents last-minute stress.
Transforming R&D
The time it takes to create an R&D Tax Claim becomes more efficient when a strong procedure, supported with intelligent software-based support, and R&D tax knowledge are all available from the software provider. This allows accountants to concentrate on the many other concerns necessary to meet all deadlines on time. Even if an accountant is working right up until the last minute, the report is available as soon as the button is pressed. There is no need to get the basics to HMRC by midnight to meet the deadline after last-minute number crunching, and then hoping to have enough time to complete the report at the beginning of January.
Deadline season can be made to be less terrifying by using a quick, efficient, and consistent strategy that benefits both the client and the accountant thus freeing up the accountant to focus on providing the kind of expertise and service that will support their status as a trusted advisor.
Cloud-based technology refers to services and applications that are hosted on remote servers and accessed via the internet, allowing for flexible data storage and processing without local infrastructure.
A financial year end is the conclusion of a company's financial reporting period, marking the end of its accounting year. It is a critical time for preparing financial statements and tax filings.
An accountant is a professional responsible for managing financial records, preparing tax returns, and ensuring compliance with financial regulations. They provide insights into financial performance and help businesses make informed decisions.
A tax relief claim is a request made to tax authorities to reduce the amount of tax owed based on eligible expenses or investments, such as R&D activities, which can lower a business's tax liability.
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