Robo Advisors Vs. Financial Consultant, which works best when it comes to filing an R&D Tax Credit Claim
By admin Published On July 21, 2022
R&D Tax Credit claims are complex and require an in-depth knowledge of the R&D tax system and the expertise to identify and support projects that meet Revenue guidelines.
With the emergence of digital platforms to collate and process claims, we look at the possibility of computer algorithms replacing human financial consultants.
Q1. What is the difference when it comes to using a software platform over a consultant when filing claims?
Financial complexities are unique to each business and when it comes to filing with the Revenue, companies want assurances that they are filing to the letter of the law. From our experience, the low, up-front price of Robo Advisors comes with a loss in claim figures and quality of technical reporting.
Q2. Do software platforms understand my industry?
If you have filed previously, you are at an advantage of understanding the necessary requirements. However, if you have never filed before or have undertaken new R&D projects it is not so easy. Meeting clients virtually or face-to-face allows us to better understand your nature of work, provide assurance and guidance that lead to a better, long-term understanding of the R&D Tax Credit initiative, and peace of mind when filing.
Q3. Can I expect the automated filing process to be longer or faster?
Each portal will differ from company to company, but essentially you upload project information on your own time to be reviewed online by their experts at each stage. Without steer or guidance from a consultant, this may end up establishing topline eligibility only, taking longer and eating into valuable employee time. The main advantage of consultants is to maximise your claim and take that administrative burden away from the team and let them get on with their everyday job.
Q4. Will automated advisors replace consultant firms?
While Robo advisors are growing in popularity and are heavily advertised, they are not close to replacing consultant firms. Our Ph.D., Engineers, and/or developers in your field of science will extract measured strategies of your work relative to the program’s eligibility and ultimately increase the size of your claim. However, Digital Platforms may be useful for small companies due to their low cost but they lack the full range of benefits that would let them serve as true replacements for a traditional, human touch. Particularly regarding presenting the information in a format that addresses the scientific and technological advancements of the projects which is sometimes the most overlooked section of the claim. If your finance team could benefit from a personal touch for R&D Tax Credits, please contact us for a complimentary consultation.
In Summary
Cheaper is not always better. Automated systems are not as great at helping companies extract relevant financials and capture opportunities for improvement. At Braithwaite, we have seen the value our clients get from engaging with us. We offer new clients a FREE Initial Consultation to identify less obvious activities and assess their eligibility for the Credit/Refund where we apply stringent and ethical assessments to ensure your claim is audit ready at submission.
If your finance team could benefit from a personal touch for R&D Tax Credits, please contact us today for a No Obligation Complimentary Assessment …… by emailing boleary@braithwaite.ie