Accounting group releases £ 1million in R&D tax relief for businesses affected by Covid
An accounting group with offices in Solihull, Birmingham and Coventry has clawed back more than Â£ 1million in research and development tax credits for its clients since the start of the pandemic.
Prime Accountants Group secured Â£ 250,000 for a client and, in a second case, recovered Â£ 80,000 for a tech company, which kept it from going bankrupt.
R&D tax relief is available to companies looking to find or develop a lead in their field and can be claimed by a range of companies.
Kevin Johns, Managing Director of Prime, said: âA lot of people think research and development is about people in white coats in a lab – it’s really about looking at everything that makes your business more efficient.
âWe have managed to save hundreds of thousands of pounds for customers over the past year. We saved Â£ 250,000 on one client and Â£ 80,000 on a second, which was on the verge of bankruptcy.
âWe suggested making an R&D claim on their behalf and only charging for our work if we were successful. We were and it was the difference between keeping this company afloat and going bankrupt.
“It shows that there are still possibilities to claim money from the government. R&D is one of the most common tax breaks because there aren’t many ways to get HMRC from you. refund.
“My message would be to invest now, where you can. There will also be plenty of opportunities to buy businesses because, unfortunately, some will not survive the pandemic unscathed.”