Record year sparks expansion plans for Momentum Group
BANGOR-based specialist R&D tax credits firm Momentum Group is to invest at least £1 million in a major expansion that will see it grow its presence in Scotland and the north of England, creating a range of skilled jobs.
Coming on the back of its best year ever recorded in 2021, its growth plans have already seen the business strengthen its executive leadership team and launch in Scotland, with the appointment of a Glasgow-based business manager.
And with regional R&D tax credit claims up by 25 per cent, this year has already seen Momentum appoint a new business development specialist to join its sales team.
The firm says it will also create a range of professional roles across its wider operations over the next two years.
Established in 2009, Momentum specialises in helping clients to understand and document innovation projects and R&D activity within their businesses.
With companies able to reclaim up to 33 per cent of their R&D spend from HMRC, Momentum has so far generated more than £200 million of tangible tax savings for its clients across the UK, which according to managing director Tom Verner “is not easily replicated”.
He says Momentum experienced “unprecedented growth” in 2021, despite challenges posed by the ongoing global pandemic, and continued to partner with more accountancy firms, legal practices and joint venture opportunities, as well as recording significant growth in new business.
He said: “Having experienced our best year on record in 2021, we have entered 2022 in a strong position and are poised for further growth in the next two years.
“Alongside strengthening our senior leadership team in Northern Ireland, we will invest in growing out our dedicated team in Scotland who, led by newly appointed business manager Kyle McGuigan, will build on recent business successes there and continue expanding the Momentum footprint into the north of England.”
The most recent R&D tax credit figures published by HMRC indicate that Northern Ireland businesses accounted for £135 million of all R&D tax credits claimed across the UK for the year 2019-2020 – an increase of 13 per cent from the previous year.
But with local firms accounting for just 2.65 per cent of the total number of R&D tax credits claimed across the UK, Mr Verner urged companies across the region to avail of this “invaluable opportunity” through the R&D tax relief scheme.
As featured in the Irish News.