Why Manufacturing Companies Should Rely On Momentum For Their R&D Tax Credit Claim

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Yolande Hanna

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Why Manufacturing Companies Should Rely On Momentum For Their R&D Tax Credit Claim

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(Interview with Group Managing Director Tom Verner)

As Group Managing Director for Momentum its been my pleasure to watch the company grow and develop over the last nearly 10 years. At the end of August, I was pleased to announce that The Momentum Group had been appointed as the exclusive R&D Tax Credit partner for Manufacturing NI. Manufacturing NI works on behalf of its members, in the heart of the manufacturing sector in Northern Ireland to encourage active legislative changes. For our company this is a tremendous accolade and we plan to work hard to help Northern Ireland companies and accountants achieve the optimum R&D Tax Credit results, adding value to their business.

R&D Tax Credits are one of the most valuable forms of tax relief available in the UK, but to date Northern Ireland as a region has the lowest number of claims. Many companies and accountants perceive that they are only available to pure research organisations and ‘white coat’ laboratories, but this is far from the case. With reports indicating that manufacturing represents 14 per cent of the total economic output in Northern Ireland, with approximately 5,800 manufacturing businesses, the partnership presents a significant opportunity to The Momentum Group.

Our hope for this new partnership between Momentum and Manufacturing NI is that local manufacturing companies will be able to draw on the support and expertise of Momentum’s fully endorsed and accredited team of R&D Tax Credit specialists. We will identify and verify your bona fide R&D activities; prepare your claim, then navigate it through the R&D Tax Credit process in order to secure the benefits to which you are entitled.

In July 2018 Ron, our Operations and Technical Director attended a HMRC R&D Consultative Committee meeting, HMRC recognised that a number of so-called ‘R&D providers’ have entered the marketplace and this has prompted greater scrutiny of claims. We welcome this higher level of inspection. Our approach has always been to apply the highest professional and ethical standards to every claim we prepare, resulting in a 100% success rate across hundreds of claims with over £100m R&D tax relief approved.

I believe that a key responsibility from our new Manufacturing NI partnership is to help all manufacturing businesses achieve their optimum R&D Tax Credit claims. We will work tirelessly to achieve this and as we currently sit on the HMRC R&D Consultative Committee; therefore we are best placed to advise clients on all aspects of R&D Tax Credits.

If you have already made a claim, this isn’t a problem we can review this at no cost to you and it maybe possible to further enhance it.

The process of working with Momentum starts with a preliminary meeting where we will gain an understanding of your business and explain what qualifies and doesn’t qualify for Research and Development Tax Credits. We then progress to a full technical review by one of our technical analysts to achieve the optimum result.

To find out more about R&D Tax Credits contact Momentum on 028 9140 4030 or send email to taxcredits@momentumni.com

Photo by Christopher Burns on Unsplash

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