NI Companies Fail to Claim Valuable R&D Tax Credits
Government statistics show that only 610 R&D claims were made in Northern Ireland in 2015. This means that while some NI companies are benefiting from the government’s R&D tax credit incentive, most local businesses either don’t know about it, or have failed to appreciate its full value.
The R&D tax initiative is designed to encourage firms to invest in the development of innovative products, processes and services that will make the UK more competitive in the global marketplace. Successful claimants may be able to recoup substantial development costs by way of cash or credit for every year in which qualifying R&D activities have occurred.
The difficulty is that R&D is often subsumed within normal operating activities and remains hidden. So for businesses that have been absorbing R&D expenditure as an everyday commercial cost, R&D Tax credits offer a valuable financial resource to displace those costs, with claims amounting to tens of thousands, even millions of pounds.
The good news is that proactive businesses are increasingly turning to R&D specialists, such as the Bangor-based Momentum Group, to help them secure successful claims. R&D is a time-consuming and specialist area of tax, requiring skillsets beyond those of most business owners and accountants. An experienced R&D company such as Momentum will consistently deliver tangible results that far exceed the claimant’s expectations.
Through its success to date, Momentum has gained recognition as one of Northern Ireland’s leading R&D companies. Focusing exclusively on R&D tax relief claims, its specialist team has extensive knowledge of R&D legislation and is highly adept at identifying R&D activities. To date, Momentum has identified and secured tens of millions in qualifying costs for businesses throughout Northern Ireland and the UK.
To find out if your business qualifies for R&D Tax Credits, call Momentum for a FREE confidential R&D assessment on 028 9140 4030 or email firstname.lastname@example.org