CAMBRIDGE-BASED · WORKING WITH UK BUSINESSES SINCE 2009
Turning numbers
into
strategy.
CFO-grade accounting, advisory, and R&D tax credit work for owner-managed companies.
Monthly management accounts, cash-flow forecasting, and board-ready reporting — a finance director’s brain without the salary.
Claim valuable relief on qualifying innovation costs — even if your current accountant said you do not qualify.
WHO WE WORK WITH
Three kinds of business owner.
One kind of advisor.
Established Businesses
You’ve outgrown a generalist accountant. You want monthly management accounts, board-ready reporting, and someone who’ll pick up the phone.
Startups & founders
You’re building something new, watching the runway, and short on time. We’ll set up your books, claim R&D credits, and get you investor-ready.
Sole traders & freelancers
You’re the business. Self-assessment, expenses, and the limited-company question — handled, on time, in plain English.
Our Services

CFO
Get expert financial guidance to drive growth, improve cash flow, and make smarter business decisions with our tailored CFO package.

Accounting
Keep your finances accurate, compliant, and efficient with our end-to-end accounting services
R&D Tax Credits
Maximise your innovation potential and secure valuable funding with our specialised R&D tax credit services.
Our Founders Interview at Cambridge TV
See what our clients say
Flit
DZP Technologies Ltd.
R&D Tax Credits
Get £33 for every £100 you spend on R&D
Watermill Accounting has proved to be an invaluable partner for us over the past 12 months. Patience in explaining accounting processes we transitioned between ERP software and guidance to maximise opportunities offered through R&D tax credits have made the management of these areas considerably less stressful and more fruitful than they would have otherwise been. There was a lot of cleaning up required concerning our historical accounting; Watermill took this in their stride.
Watermill Accounting has been instrumental in helping set up our UK office and in drafting the financials for the acquisition of Intellectual Property in the UK. We have now outsourced all our bookkeeping, payrolls and R&D tax credit claims work to Watermill who has also been handling all our accounts and all compliance related work with regards to HMRC. Watermill is a conscientious accounting firm and has been quick and efficient throughout our association with them.They have a good team and are very accommodative.
Having been a career civil servant before starting my own business I had never had need of an accountant, so I was uncertain what to expect when I employed Watermill. I have been very impressed by the tailored and diligent service they have offered me. They talked me through what I needed to know about tax with great clarity, and my tax return was completed well within the deadline and accurately. To cap it all Watermill succeeded in getting me a substantial tax refund which I had no idea I was entitled to. They know their stuff and are a pleasure to work with.
Watermill Accounting initiated the idea for us to recover R&D tax credit, which our previous accountants had failed to make us aware of. To date we have recovered nearly £50,000, which has been invaluable in terms of cash flow, continuing to develop our R&D, employ additional consultants and strengthen our core business. We have found Watermill to be courteous, very professional and timely in the provision of advice, submitting and winning refunds on our behalf.
Upcoming Event
MASTER YOUR BUSINESS FINANCES (FREE EVENT)
21st October 2026 Online Event
1 PM to 2 PM GMT
An essential workshop for Entrepreneurs and Startups
- Cash Flow
- Raising cash via Grants and R&D Tax Credits for Innovation
- Profit & Loss and Balance Sheets
- Limited Co vs Sole Trader
- Due Dates and Taxes
- VAT
- Workplace Pensions
The event includes a Q&A, refreshments and opportunities to network.
Contact Us
Watermill Accounting Limited
Office : Future Business Centre, Kings Hedges Road, Cambridge, CB4 2HY
Phone: 01223 781290
Email: info@watermillaccounting.co.uk





