Championing Innovation Through R&D Tax Credits
Across Northern Ireland, we have a long, renowned history of innovators. The modern tractor, the ejector seat and the defibrillator were all developed either in Northern Ireland or by people hailing from our shores. Recent reports from InvestNI have hailed NI as the number one location in the world for cyber security investment. The NI technology sector is rapidly expanding, with the highest percentage of qualified IT professionals in the UK and Ireland. Coupled with a strong talent pool of over 3,000 STEM graduates from our two universities, the opportunity for technology businesses to succeed is greater than ever (Invest NI, 2018).
As we celebrate National Innovation Day today, there is clearly no shortage of potential across Northern Ireland, with multiple sectors increasing their investment in export growth (Invest NI, 2018). Local businesses increasingly excel in innovation, whether this be innovative products, business solutions or professional thinking. However, statistics suggest that NI businesses are not optimising the full potential available to them through R&D Tax Credits.
A recent survey from NISRA (2018) has shown that there are more businesses being established in NI than ever before. Recent HMRC statistics show the information and communication industry accounts for the highest amount of claims submitted in 2018, at almost 26%. Within the industry, the average value received per R&D Tax Credit claim by technology, information and communication companies was £66,000. This is slightly lower than the overall UK average of £85,000 per claim across the industries surveyed.
R&D Tax Credits are specifically designed to drive innovation. With many businesses across NI naturally innovating and growing, they are possibly missing out on the business benefits that R&D Tax Credits can bring. For companies wishing to increase their innovation and business success, now is the opportune moment to explore R&D Tax Credits.
As a leading UK R&D Tax Credit advisory firm based in Northern Ireland, The Momentum Group provides strategic insight and advice to companies in the technology sector. We work closely with companies where innovation is key, helping them benefit from the generous R&D Tax Credits initiative. These companies can obtain a competitive business advantage during times of economic uncertainty, contributing greatly to the local economy but also creating a world-wide impact.
Momentum recently helped a Belfast based software company recoup development costs to which they weren’t aware they were entitled too of £57,113.
Despite many companies realising the benefits of R&D Tax Credits, the potential is far greater. In our experience, there are still many local businesses that are either not aware of R&D Tax Credits, incorrectly think they do not qualify or simply aren’t claiming their full legitimate entitlement.
At Momentum, we have helped a record number of NI companies with R&D Tax Credit claims in the past year. These companies have been able to reinvest this money straight into technological innovation that bolsters their businesses, NI exports and employment.
Through helping companies to avail of this UK government initiative, Momentum’s team of chartered accountants, business, commercial and ex-HMRC technical experts are each championing the innovation taking place within the NI business sector.
Find out if you qualify for R&D Tax Credits contact us on 028 9140 4030 for a confidential no obligation review.