Northern Ireland’s leading qualified Research and Development (R&D) tax specialists, Amplifi Solutions, has strongly welcomed new figures released today (10 October) by HMRC, showing that Northern Ireland companies have successfully claimed £75M from the UK Government’s R&D tax credit scheme.
The 2017/18 statistics released today by HMRC show that Northern Ireland companies claimed on average £57,000 – compared to £46,000 this time last year. Across the UK, 73% of the total amount claimed for 2017-18 came from the manufacturing, scientific and technical, and ICT sectors. Amplifi Solutions’ own figures show that in Northern Ireland, these sectors account for a similar share of total claims.
While the new figures show a growth in the use of the R&D tax credit scheme by Northern Ireland businesses, by comparison, Scottish companies claimed £175M, Welsh companies £95M and English companies £3.9Bn. This totals a £4.2Bn 2017/18 investment by the government in innovative UK companies.
Chris Maylin, Managing Partner at Amplifi Solutions commented on the news:
“More and more companies in Northern Ireland are availing of R&D tax credits which is fantastic news, but there are still so many who aren’t claiming what they should be. If your company is undertaking any form of research or development, we strongly recommend that you investigate whether this government incentive is available to you.”
“Innovation can occur in any company, if a business is creating or changing an existing product, service or process; they could qualify for the R&D tax credit scheme – even if their innovation fails. It’s a support avenue that offers SMEs up to 24.7p for every qualifying £1 spent on R&D, a significant return that has helped fund many innovation projects.”
The tax breaks were introduced in 2000 by the Government to encourage and reward R&D within limited companies and PLCs.
Jamie Watts, Commercial Director at Amplifi Solutions continued:
“Here at Amplifi Solutions we’ve been going through an exciting period of growth in 2019 and that’s because more companies are becoming aware of the scheme. Our team, including qualified accountants and technical experts, has worked with hundreds of companies in the last year alone; providing an end-to-end specialist technical service that takes companies throughout the entire process – from an initial and free exploratory meeting, creation of the R&D claim, and submission to HMRC – right through to receiving their R&D benefit.”