Software development is a mainstay of UK industry. This vibrant sector includes companies of all shapes and sizes and at every stage of their corporate life cycle. This means that every software developer faces a slightly different set of issues. So you need to be absolutely sure your accountant can provide the very specific advice you will need in order to continue to develop, produce and sell your software successfully.
If you are involved in software development we can help you meet all of your compliance requirements including the preparation of your year-end statutory accounts and corporation and personal tax returns. We can also help you with your payroll, P11ds and VAT.
However where we can really add value is by applying the knowledge and experience we’ve built up from working with software businesses just like yours. It is this experience that will help you navigate some of the more specific issues software developers face on the road to success.
Many software businesses give out too many shares to too many people too early and when it comes to fundraising that can put off many investors. Similarly you need to make sure your company's structure houses your intellectual property correctly so it delivers the highest possible return.
This will protect you from any fall-outs or loss of shareholders in the future and to make sure that when you reach your exit point, all of the shareholders receive the right returns.
The person who has the initial idea behind your software will often make a better CTO than they would an MD or CEO but, despite the fact having the wrong person fronting your business is potentially damaging, sometimes it’s hard for you to see that from the inside.
There are different funding options for the different stages of your businesses’ life. At the start your funding is likely to come from either yourself or your family, but as you start to grow and eventually look to exit business angels, VCs and crowdfunding will start to become involved. We will guide you through the process at every stage.
Aside from the fact that registering for Enterprise Investment Scheme (EIS) or Seed Enterprise Investment Scheme (SEIS) can make it easier for software developers to secure investment, it is essential you register your business as early as possible. We will explain why and then guide you through the registration process.
We will help you put your preferred exit plan in place
With a technology driven business you need to start planning how and when you want to exit as soon as you start your business, especially as your exit could be almost imminent.
R&D tax relief is designed to give companies that invest in Research and Development a welcome boost. As creating software is reliant on innovation, it is likely you could qualify for this relief so we will show you how to apply for it.
If you have any current patents you are now able to pay a reduced rate of Corporation Tax on all of the income generated by your patented innovation whether you have generated the revenue yourself or if it has been generated by a third party that you’ve licensed to sell your software on your behalf. We will help you put your claim together so you enjoy the maximum financial benefit from the Patent Box incentive.
We are very pleased with the excellent level of service your firm has provided. You and your team are commended for the quality of the work, professionalism, responsiveness and positive approach adopted. We believe we made the right choice in selecting Alliotts as our audit firm. We look forward to building upon our business relationship
Ian Sandbach, CFO, Kognitio Ltd, Competitive Advantage from Data