Manufacturing NI & Momentum Group Announce Partnership
Manufacturing Northern Ireland’s Chief Executive Stephen Kelly has announced a partnership with multi-award-winning R&D Tax Credit Advisory firm The Momentum Group, making the Bangor-based company the organisation’s exclusive R&D Tax Credit partner.
Manufacturing NI works on behalf of its members, in the heart of the manufacturing sector in Northern Ireland to encourage active legislative changes.
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. The announcement was made on a recent visit to Momentum’s manufacturing client Cimpina, who have been working with Momentum for several years.
Momentum’s Group Managing Director Tom Verner said, “We are delighted to be partnering with Manufacturing NI, this partnership marks an exciting time for us. Over the past five years, Momentum has gained significant credibility within the marketplace and is now leading the way in R&D Tax Credits. The 2016 HMRC statistics revealed that despite R&D Tax Credits aiming to drive innovation, Northern Ireland continues to lag behind nearly every other region in the UK, with local companies claiming a total amount of £45m in 2016.
“One of the biggest challenges with Northern Ireland businesses claiming their full R&D tax entitlement, is that many believe R&D Tax Credits are only available for traditional research sectors and ‘white coat’ industries. This partnership will allow Momentum to work hard with manufacturing companies across Northern Ireland to ensure they achieve their optimum benefit. In fact, R&D tax credits are open to most industry sectors that show levels of innovation, but are very prevalent in the manufacturing sector as it is designed to stimulate innovation and growth. Momentum works with most sectors, specialising in the manufacturing, technology and construction sector to ensure companies claim what they are legitimately entitled to.”
Cimpina is a specialist engineering company with over 25 years of specialist works centred around engineering and coded welding expertise. Managing Director Robert McCarroll has spoken on his experience of partnering with Momentum.
“It has been a pleasure to welcome Stephen and Tom to our facilities to demonstrate the high-end innovative projects Cimpina is working on. We have been working with The Momentum Group for 3 years now and their professionalism, knowledge of R&D and processes to achieve the optimum results are second-to-none. After being recommended by a business associate as they have extensive knowledge in the manufacturing sector, we met them and I can strongly say their in-depth R&D processes are excellent and we have been extremely happy with the results generated. I would encourage manufacturing business across Northern Ireland to get in-touch with Momentum today to ensure your R&D claims are being fully optimised.”
Speaking on the decision to partner with The Momentum Group, Manufacturing NI’s Chief Executive Stephen Kelly commented:
“In a manufacturing business, every action on every day is designed around R&D activity which creates new products and quicker, stronger and better output which solves problems for customers. The Government’s R&D Tax Credit scheme is there to support that process and more companies should be using this opportunity to improve their business and their processes. Treasury have set the money aside and want businesses to claim these significant tax savings to reinvest back into businesses.
“Having the right technical and accountancy advice is important so we hope that working with the Momentum Group, firms can easily navigate the process and begin to secure the benefits which they are entitled to,” he also said. “The Manufacturing sector is the bedrock of the NI economy and we want to ensure continued growth and stability. We look forward to doing this with our partnership with the Momentum Group.”
Of his company’s continued growth and success in delivering on behalf of Northern Irish businesses, Momentum Group Director Tom Verner commented: “With over 700 claims completed, achieving a success rate of 100% and securing over £100m R&D tax relief, this partnership is a great testament to our unique and proven process and mythologies.”
Founded in 2009, The Momentum Group has built a market-leading team of R&D Tax Credit specialists, incorporating R&D technical analysts, chartered accountants and expert business consultants. The team works in partnership with innovative and forward-thinking accountancy firms, businesses and organisations across a multitude of sectors within Northern Ireland and across the UK.