Research and Development (R&D) tax specialists, Amplifi Solutions, has announced its launch into the Scotland market, with a new office in Edinburgh.
R&D tax credits can be awarded to any company providing they are undertaking steps in research and development – even when those projects don’t succeed.
Jamie Watts, Commercial Director at Amplifi Solutions, commented on the company’s move to open an office in the Capital:
“As an Edinburgh local myself, I’ve seen first-hand how Scottish companies are embracing innovation, from small projects, such as investing in bespoke software, to world-class product developments. R&D tax credit statistics published by HM Revenue and Customs in October 2019, showed that an incredible £175m was claimed in R&D tax credits here in Scotland, with each company claiming on average nearly £80,000.”
“That’s a significant figure that shows many Scottish businesses are investing in innovation and utilising the support avenues available to them. But there are still many more companies that aren’t aware of the scheme and are missing out.”
The firm, with its roots in Northern Ireland, includes qualified accountants and technical writers in the team. These experts guide companies through the entire process with their end-to-end R&D service; from an initial exploratory meeting, creation of the R&D tax credit claim, to submission to HMRC.
Throughout the entire UK, the latest HMRC statistics showed that the majority of claims – 68% – were in the ‘manufacturing’, ‘professional, scientific and technical’ and ‘information and communication’ sectors, but the claims aren’t limited to only those industries.
Jeff Drennan, Managing Partner at Amplifi Solutions expanded on what the incentive can really mean to businesses:
“The newest HMRC figures show that companies throughout Scotland and the rest of the UK are availing of the scheme, 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.”
For more information on R&D tax credits, or working with Amplifi Solutions to secure your claim, visit amplifi.solutions or call the team on +44 (0) 28 9008 0125.
Read this article in the Scotsman