IT and technology

In America, they have silicon valley. We have digital fens. The technology sector in the East of England comprises almost 25,000 firms, employs more than 130,000 people and turns over £22bn per year. In Norfolk specifically, Norwich is rated as one of the UK’s top 20 tech hubs. It’s no wonder DB Accounting sees more clients in this field with every year that goes by.

How do we help I.T. and tech businesses? As well as the core support all businesses need, from annual accounts to tax returns, there are a few sector-specific challenges where our advice comes in handy.

First, there’s IR35, more formally known as the off-payroll working rules. That’s important to both self-employed specialist IT contractors and to the tech firms that make use of their skills. If HMRC decides you’re not a contractor but actually an employee, you’ll have to pay more tax. And, as of 2021, in most cases, it’s the duty of the contracting business to determine the IR35 status of contractors. We can help you understand the rules, make decisions to clarify your own position with regard to IR35 and support contracting firms in remaining IR35 compliant.

Secondly, there’s the question of R&D tax credits. As the Government pushes for more innovation in industry, research and development (R&D) tax reliefs have become more generous and more widely available. Technology and I.T. businesses often have projects which qualify. DB Accounting can help you interpret the rules, run the calculations and put together a claim for R&D relief that HMRC will find hard to turn down.

Finally, there’s business growth and exit strategies. Technology is an exciting sector because there’s so much movement – startups appear, partnerships are formed and takeovers happen all the time. Whether you’re looking to grow by acquiring another firm, or thinking about cashing in your chips and taking that big pay day you’ve been working towards, we can advise on how to go about it without incurring an unnecessary tax bill.

• IR35 advice
• R&D tax credit claims
• Exit planning
• Acquisitions and mergers
• Annual accounts and tax returns