FINANCE reaction is often ‘ No – that won ’ t apply to us ’ – but it often does .”
Tony explained there are two parts to a claim : a financial information request , and a frank discussion around the technical projects a firm has carried out which means it meets the criteria .
A claim is then sent to HMRC and success can be a massive shot-in-the-arm .
He said : “ Clients we ’ ve worked with have received R & D tax credit benefits totalling in excess of £ 8.5m , creating a huge stimulus for future investment in the region and the creation of new jobs .
“ And to date we have a 100 per cent success rate with our claims .
“ We never stretch the boundaries for claims but we do ensure we maximise their potential .”
Tony firmly believes it ’ s time the North- East raised its game when applying for R & D tax credits , especially as a “ cap ” on the R & D tax credit a firm can claim is due next year – limiting it to £ 20,000 plus 300 per cent of a firm ’ s total PAYE and NICs liability .
He said : “ The North-East is the worst region for claiming R & D but they have helped keep businesses going , especially throughout the Covid crisis – it has kept people in jobs .
“ We ’ ve put more than £ 8.5m back into the region , meaning many businesses can stay open , retain their staff and grow their businesses .”
Tony says around 70 per cent of its R & D clients are in construction and related industries , although engineering , manufacturing , food and drink and IT are also well represented .
He said : “ Some firms probably thought they didn ’ t qualify for R & D but they do . Companies , for example , who have come up with a more efficient way of working , or are doing something to reduce carbon footprint – recycling , things like that .
“ There ’ s been a widely held perception that the R & D opportunity applies only to select technology and pharmaceutical companies , but the legislation looks to reward companies seeking to research and develop an advance in their field .
“ We ’ ve experienced time and again where clients regarded qualifying R & D activity as merely being part of their dayto-day work and were pleasantly surprised at the opportunities available to them in terms of qualifying projects .”
In other words , if you don ’ t ask , you don ’ t get – and Tony says it ’ s a risk-free process .
“ It doesn ’ t cost anything to speak to us other than time . We don ’ t charge until we get a pay-out – we ’ re a success-based company .
“ We know our stuff and if a claim is submitted , we ’ re confident it meets the criteria and will have a good result . And if it ’ s not worth the client ’ s time , we will tell them . Better to have that conversation than lead them down the garden path .”
And his message to firms wondering if they should apply ?
“ If you are not sure , ask – speak to your accountant and especially speak to a specialist , before it ’ s too late and the rules change .
“ Amid the uncertainty of Brexit and Covid-19 , we ’ re urging the North-East business community to take advantage of the current R & D opportunities and claim the rewards for their innovation . Take action now .”
For more details , visit infinityfinancegroup . co . uk or call Tony on 01642 040151 .
The voice of business in the Tees region | 63