Improving standards through R&D tax relief training and community
Like many, Matthew grew frustrated with the state of the R&D industry, and HMRC’s heavy-handed, reactive approach. “There was very little regulation or minimum standards within the industry,” he explains. “I knew we needed to join a community that could help us improve our standards and collaborate with like-minded advisors.” This realization led RDS to join The R&D Community as members in October 2023.
Upon joining the whole team got stuck into the training academy. These on-demand online courses ensured that both new and experienced analysts stayed up to date with the R&D tax relief scheme. “The training material has been invaluable in keeping our team informed and skilled,” Matthew notes.
Strengthening client relationships and improving R&D tax relief claim quality
Initially, the primary goal for joining was to utilize the training material and collaborate with other advisors. Over time, this objective evolved. “Our goals have shifted to continuously improving our internal standards and quality of work,” Matthew says. Being a part of The R&D Community has allowed RDS to adapt their workflow and processes to stay in line with HMRC changes to the R&D tax relief scheme.
One of the standout benefits of the membership has been the improved communication and strategizing with clients. “We try to ensure that R&D tax relief is a consideration for our clients throughout their accounting period, rather than an afterthought that needs to be completed once their year-end has passed,” Matthew explains. This proactive approach has led to more accurate information and higher quality R&D reports. Quarterly meetings and shared resources have become the norm, ensuring that eligible R&D can be tracked throughout the year.
Updating R&D claim processes based on industry insider insights
“Our approach to claims has always been that compliance is key. Being able to learn from other advisors’ experiences has only helped in this regard.” The Members Forum played a crucial role in tailoring their processes, particularly in establishing their Additional Information Form process and Pre-Notification Form process. Insights garnered from the wider community helped them to improve their approach and spot potential issues before they developed.
The community aspect of membership has helped to adapt to fluctuations in HMRC’s approach. “When any changes are made to the scheme’s legislation, guidance, or supporting forms, these are usually highlighted straight away by a community member. This allows our analysts to communicate any important information to clients as quickly as possible,” Matthew remarks.
In Summary
RDS’s experience with The R&D Community has been transformative. The continuous training, reliable support, and active community have empowered the company to elevate their standards and improve their quality of work. Matthew Tottey sums it up perfectly: “Joining The R&D Community has been a game-changer for us. It has not only enhanced our team’s performance but also significantly improved our overall business operations.”
Sounds like a good fit?
If you’ve been reading Matthew’s story and feel like you share the same challenges and values, we’d love to welcome you to the community too.
