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Timely tax credit payments could be vital for business survival

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Tom Verner

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Timely tax credit payments could be vital for business survival

NUMNER 10 MOMENTUM

We are calling on Government to prioritise claims

As companies fight to navigate a course through the global Covid-19 crisis, a healthy cash flow could be critical to keeping staff in jobs, if not the very survival of the business.

The Government has recognised the business community’s plight and has introduced a series of unprecedented support measures. However, we are urging the Treasury to ensure payments on claims are paid out within the 28-day timeframe, if not much sooner.

These payments could be worth tens of thousands of pounds to the companies who have been carrying out R&D work and have submitted a claim with HMRC.

This is cash which could be vital for these companies to maintain cashflow at this time. It is money which could keep the business operating, it is money which could pay suppliers and it is money which could keep people in jobs.

It’s a concern, that as the Government implements a series of emergency measures designed to save jobs and businesses, these tax credit payments could be delayed. Again, I want to stress the importance of the Government making payments with the 28-day timeframe.

Meanwhile, we are repeating our offer of issuing free R&D tax credit advice to all manufacturing companies who have switched their production to make medical items, clothing and sanitiser for the NHS to fight the Covid-19 outbreak.

This is a time for everyone to work together and we owe a debt of gratitude to the companies who have responded to the Government calls for help.

The Momentum Group wants to play its part as well and we will offer free advice to any company who has now joined the effort to support the NHS.

This process will have required a degree of research and development work and it is right these companies receive the financial support they are entitled to. We will play our part in identifying the R&D tax benefits they are entitled to and advise them accordingly.

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