WhisperClaims achieves new milestones and reflects on R&D tax relief in 2022
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2022 was a turbulent year for the accounting industry, with HMRC putting forward a multitude of proposals to reform the R&D tax legislation that has subsequently created a period of uncertainty for accountants. April 2023 is when this new round of changes to the scheme will come into force and hot on the heels in mid-January 2023, a new R&D Tax relief Reform Consultation kicked off – the suggestion is that we may see even more changes being implemented to the scheme as early as 2024.
Unsurprisingly, these upcoming changes have made accountants nervous about how they approach R&D tax claims – both in terms of staying compliant and ensuring that, operationally, they are able to deliver a cost-effective and credible service.
So, how has this affected accountants using WhisperClaims to deliver claims for their clients?
WhisperClaims software is augmented by a full support service, allowing accountants to access expertise on all aspects of the R&D tax scheme. This combination of technology and face to face support provides accountants with a safety net, a shoulder to lean on, to give them reassurance that they are preparing robust claims that comply with the legislation. Our in-house R&D tax experts and tech teams work together to ensure that changes to the tax relief scheme are reflected in our software and through our advice lines. This removes uncertainty and ensures that our software and support stays ahead of the curve – a golden rule that’s core to the WhisperClaims mission of empowering accountants to deliver a rigorous R&D tax service for their clients.
This success is demonstrated in our latest landmark figures
Back in April 2022, we shared the exciting news that we reached a milestone of £300 million eligible spend, with 2,139 R&D tax claims being prepared by accountants using our technology.
I’m thrilled to share that, right at the start of 2023, 2,778 R&D tax claims have now been prepared with WhisperClaims, representing £400 million of eligible spend identified to date. This means that the clients of our customers have realised around £100 million in tax benefits.
These figures show the significant impact that our technology and R&D tax eligibility guidance is having on helping accountants to deliver business-sustaining tax benefits for their clients. On average 50-80 claims a month were delivered by accountants using WhisperClaims in 2022 and this figure isn’t slowing down.
We’re also delighted to start 2023 by being recognised in The 2023 Startup’s 100 Index, which aims to “showcase the innovators that will bring light and convenience into the new year”. We received some extremely positive feedback from the Startups editor, stating that “WhisperClaims has great potential and offers a good example of perfect innovation in a really niche area”. We are honoured to have made this list, but also, to be one out of four Scottish startups on the Index.
What does 2023 have in store for us?
Staying within the boundaries of the scheme
2023 is already an exciting year for WhisperClaims. We’ll continue to support our customers by providing them with a reliable claims preparation process via our software that stays up-to-date with reforms to the R&D tax legislation and keeps WhisperClaims users within the boundaries of the scheme – as we write, new features are being built into our software to reflect the April 2023 changes proposed by HMRC in 2022.
From risk mitigation measures to the offer of optional claim reviews prior to submission, WhisperClaims will provide robust support to give accountants additional confidence. It will also support the more comprehensive sign off process between client and accountant demanded by HMRC from April 2023, ensuring the name and signature of both the advisor and a senior officer from the client are included in the claim. We’re poised to go live with these updates as soon as the changes to the scheme come into force in April this year.
Enquiry support and risk mitigation services
I’m also excited to announce the launch of the WhisperClaims Enquiry Support Service, designed to provide an extra layer of reassurance for customers if they are ever confronted by a HMRC enquiry on their claim. Our in-house R&D tax experts will make sure that they understand how to respond to each question posed by HMRC. They’ll also review their written responses and advise on whether they have sufficiently addressed all of the HMRC’s concerns.
This service is in addition to our in-app eligibility checkers that help our users stay within the boundaries of what is eligible prior to submitting the claim and our risk mitigation features and services that help them withstand any HMRC scrutiny.
These new features and services will reinforce our role as a shoulder to lean on when required, offering the necessary structure for accountants to be able to deliver R&D tax services in-house in a way that is reliable and compliant with what HMRC wants to see.
Knowledge and help when it’s needed
The ability for firms to tap into the knowledge and experience of the WhisperClaims team, who have been involved with thousands of successful claims to date, is hugely valuable. For this reason, we’ll continue to equip our customers with the knowledge of the scheme, easy access to our advice lines and the software support they need to deliver robust claims, uphold best practice and continue to be recognised as credible professionals by their clients.
We look forward to the year ahead and seeing our accountant customers continue to deliver services that drive quality, efficiency and demonstrate their value as the trusted advisor on their clients’ claims. Thank you to our loyal customers for their ongoing support and we look forward to growing with you in 2023.