Accountancy firms and businesses in the UK are to be given a helping hand with the complexities and burdens of R&D tax credits via new innovative software.
made.simplr has been launched to help firms to process claims by automating the gathering and compiling of all of the necessary information to create HMRC ready reports.
Having already received two rounds of grant funding from Innovate UK – the Government’s innovation partner – the software firm hopes to capitalise on a market that it feels is massively underserved.
Dr Sarah Malter, Managing Director of made.simplr, said: “For years there have been studies coming out that show that utilisation of R&D tax credits in the UK is poor and that many more companies, large and small, could be benefitting from this funding.
“Despite the best efforts of some accountants to support their clients, there are barriers that prevent companies from making a claim, such as the scheme’s complexity and the burden of putting together and calculating an application.
“We believe made.simplr opens up this market so that smaller firms of accountants can take greater advantage of the revenue that they can obtain for processing and providing advice to R&D tax credit claimants.”
The app is able to work with Xero to gather the information required and compile it so that firms can focus on advising clients on how to make use of the tax relief available.
With future developments to enable other software platforms, such as Sage, to integrate with the platform the team behind made.simplr believes it can revolutionise the R&D tax credit industry.
“As well as automating much of the claims process for firms, made.simplr is also a fantastic business intelligence tool,” explained Sarah.
“It helps accountancy firms and businesses to assess the performance of the claims they are making and demonstrate their value to others.”
Sarah and the team at made.simplr understands that automation is the key to innovation within the accountancy profession and they believe that during challenging times such as these it can help firms to expand their service offering beyond the confines of their traditional market.
“More and more accountancy firms are thinking big and many will have already become reliant on cloud accounting solutions such as made.simplr due to factors such as remote working and the introduction of Government initiatives, such as Making Tax Digital,” added Sarah.
“Our software simply and efficiently allows firms to tap into an area that otherwise may not be available to them due to the limited number of existing cost-effective solutions out there.”
To find out more about made.simplr and how it can help accountancy firms and businesses, book a demo today!