Increase your business innovation with expert R&D Tax Credit advice
The Northern Ireland business landscape is steadily growing each year, bringing success to many sectors, along with the local economy.
Rising consecutively for the past four years, the number of businesses registered in NI increased by 3.4% last year to 74,060 (NISRA, 2018). While construction and agriculture saw the largest sector growth, NI’s growing reputation as a technological hub for new business start-ups is also worthy of note as new technology companies increased by almost a third last year to 160 software development and programming businesses in 2018 (RSM, 2019).
As innovation becomes more embedded across all business sectors now more than ever, it is the ideal time for companies to evaluate and review their R&D activities on a regular basis as the financial rewards can be quite significant under HMRC’s R&D Tax Credit scheme.
HMRC statistics revealed that NI businesses claimed a total of £55m R&D Tax Credits last year. Despite the rising number of businesses in the region, there has been a slight decrease in the number of NI companies claiming R&D Tax Credits.
Designed to drive innovation, R&D Tax Credits hold great potential for those companies with identifiable R&D activities. The finance received by way of tax credits can be reinvested into future technological advances that can strengthen the business, increase exports and employment.
However, it is essential that companies unlock this potential correctly. While there are many daily tasks that can be identified internally through in-house financial teams, there are also significant elements that should be left in the hands of specialists.
The legislation pertaining to R&D Tax Credits is complex. It requires a detailed knowledge and understanding of the technological and financial requirements of the relevant claims process. Therefore the benefit of using expert knowledge will not only ensure financial success but keep your company compliant within the scheme.
In the last tax year, HMRC has identified and prevented fraud attempts on R&D Tax Credits, worth £300 million. When working with a specialist R&D Tax Credit Advisory firm, companies should feel assured with the confidence that their R&D Tax Credit claim is being prepared competently by specialists.
The Momentum Group helps hundreds of companies, from manufacturing to construction, food & drink to technology, to claim this UK government initiative. The multi-award-winning R&D Tax Credit advisory firm specialise in identifying all qualifying R&D activities to optimise the true value of R&D tax relief available.
The team includes chartered accountants, business, commercial and ex-HMRC technical experts to ensure every claim gets the necessary expert scrutiny and is thoroughly investigated to meet HMRC compliance, preventing the misuse of R&D Tax Credit relief.
The perception of what qualifies for R&D Tax Credits may only be a fraction of the reality that lies beneath the surface. The challenge is to identify the true potential and optimise the results, beginning with trusting expert R&D Tax Credit advisors to take care of R&D Tax Credit claims.
Find out if you qualify for R&D Tax Credits, contact us on 028 9140 4030 for a confidential no obligation review.