Spring Clean Your Company Finances Ahead of the New Tax Year
Working with Manufacturing NI, The Momentum Group are determined to continue leading the way in R&D Tax Credits and striving for claims success within the manufacturing industry, allowing further investment in production and innovation.
With over 800 claims completed across all industries, achieving a success rate of 100% and securing over £125m R&D tax relief, Momentum is a strong, expert partner within the sector, and this is a great indication to the unique and proven process. As a result, companies that have completed successful claims have benefited immensely, remaining competitive, innovative and able to set new goals for the new financial year.
As this new tax year arrives, it is easy for many manufacturing companies to leave their finances until the last minute. It is important to ensure you keep on top of your finances to move into the new tax year with ease and potentially save hundreds of pounds in the process.
Statistics released from HMRC in 2018 showed that the UK manufacturing industry claimed a total of £990m in R&D Tax Credits.We want to ensure all companies within the manufacturing industry see economic growth in the financial year ahead and there is still a wealth of potential to tap into.Therefore, the specialist team at Momentum has shared its financial spring-cleaning to do list. Offering expert advice on how companies can achieve financial success through R&D Tax Credits.
We would advise all businesses who are preparing for the new tax year to seek specialist advice in relation to R&D Tax Credits. In 2018, HMRC statistics highlighted that the manufacturing industry remains the highest benefiting sector. Many manufacturing companies are waking up to the benefits of R&D Tax Credits, yet the potential remains far greater. This can be for several reasons, including a lack of awareness and not understanding which activities and costs qualify for this purpose.
The perception of what qualifies for R&D Tax Credits is usually only a fraction of the reality that lies beneath the surface. The challenge is to identify the true potential and optimise the results. Companies will be able to claim R&D Tax Credits from projects and activities that seek advances in science or technology. If you are facing regular challenges in your attempt to be competitive in the manufacturing sector, then you could be undertaking research and development (R&D) and be entitled to relief.
We would also encourage companies to do their due diligence when it comes to seeking specialist advice on R&D Tax Credits. It is important that companies hire a credible advisor in order to claim everything they are entitled to and fully optimise their R&D Tax Credit potential.
Through helping companies claim what they are entitled to, the expert team of chartered accountants, business, commercial and ex-HMRC technical experts at Momentum, are supporting the potential for greater innovation within the sector.
To ensure you avail correctly of the benefits it is essential to have specialist advice. Therefore, Momentum is calling upon manufacturing organisations in Northern Ireland and across the UK to take action in 2019 and spring clean their finances.
To find out more visitwww.momentumgroupni.com or call 028 9140 4030 for a confidential no obligation review.