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Leave no stone unturned when it comes to R&D Tax Credits

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Nico Fell

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Leave no stone unturned when it comes to R&D Tax Credits

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As the challenges and uncertainties that business and industry faced throughout 2020 roll forward into this year, and as the country takes to the international stage post-Brexit, it has never been more important to have a sound strategy that includes a financial return for innovation.

At the Momentum Group, extensive recent research has shown us clearly that the mineral products sector in Northern Ireland could be sitting on copious amounts of unclaimed R&D Tax Credits – a generous tax incentive that could make a significant difference to the bottom line for eligible companies in the coming year and beyond.

We spoke recently to Gordon Best, Director of MPANI, who was keen to highlight the benefit we have generated for many MPANI members.

“R&D is something which has generally been off the industry’s radar in the last 12 months due to the global pandemic, but there is still innovation taking place every day within our sector,” Gordon said. “In 2020, the UK Government also placed even greater emphasis on R&D as they want to see companies innovate and it is an area we’re very supportive of.”

In the last 10 years, partnering with quarrying and construction firms, many of our clients discovered that processes they are already carrying out were eligible for R&D Tax Credits. These companies didn’t realise eligibility existed where they had become engaged in overcoming significant challenges in ongoing projects that required taking an innovative or novel approach.

Many directors we speak with believe what they are simply undertaking ‘standard and routine’ activity when, in fact, they are taking on substantial risk to develop better products, processes or services that could qualify them for the tax relief.

If there is one thing companies should be doing better in 2021, it is ensuring they treat R&D Tax Credits seriously to gain the maximum benefit – after all, the relief is an entitlement. This should form part of a company’s integral strategy, not only this year but every year moving forward.

Our in-house dedicated and specialist technical team have already been working with many of the MPANI members and the financial benefits for those clients have been incredible.

The feedback couldn’t be clearer - an extremely satisfied service coupled with the knowledge and direction to deliver tangible results. We bring expertise and knowledge when it comes to knowing what qualifies for R&D Tax Credits and what doesn’t. This is why the Momentum Group stands out from the crowd. Not every firm offering this service will bring such a strong ethical and accounting standard or possess the proven track record we do.

“Other less professional or experienced firms will come into your business and not even turn over every stone,” Gordon continues. “Momentum will not only turn over, but crack open every stone to find all eligible expenditure and fully optimise your claim. And crucially, they do the heavy lifting, leaving you to get on with doing what you do best: developing your business.”

As a multi-award-winning R&D Tax Credit advisory firm with a proven track record in achieving tens of millions for companies, we boast processes and methodologies that have achieved significant R&D Tax Credit claims for qualifying companies demonstrating forward thinking and innovation.

Our team of R&D Tax Credit specialists consists of R&D consultants, chartered accountants and experienced business consultants with a deep understanding of R&D tax relief legislation and its application. We have examined hundreds of companies across almost all industry sectors, identifying R&D activities with associated expenditure for the purpose of R&D tax claims. This knowledge allows us to go the extra mile every time and, as Gordon points out, leave no stone unturned.

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