The mineral products sector in Northern Ireland could be sitting on a mine of millions of pounds of unclaimed R&D tax credits.
That is the message from the Mineral Product Association of Northern Ireland (MPANI), the organisation which represents 95% of the industry in Northern Ireland.
Gordon Best, Director of MPANI, said that most companies within the sector will find some of the processes they are already carrying out are eligible for research and development (R&D) Tax Credits.
He said: “R&D was something which was off the industry’s radar but there is innovation going on every day. Since the EU referendum in 2016, the UK Government has increasingly placed greater emphasis on R&D as they want to see companies innovate and it is an area we’re very supportive of.”
R&D tax credits
Tom Verner, Founder and Managing Director of Momentum Group, said: “Working with quarrying and construction companies, we have found a lot of innovation taking place – innovation they didn’t even realised existed. Many finance directors believe what they are doing is standard and routine but in fact they are being extremely innovative by developing better products, processes or services through a host of different ways.
“We would encourage all firms within the sector not to disregard the potential of claiming for R&D Tax Credits, to which they are entitled.”
Gordon Best said: “The Momentum team have been working with many of our members and the results have been incredible. It’s clear they are experts in their field and know what qualifies for R&D Tax Credits and what doesn’t.
“Other less experienced firms will come into your business and turn over every stone; Momentum will not only turn over but crack open every stone to find all eligible expenditure and fully optimise your claim. And crucially, they do the hard work, leaving you to get on with doing what you do best: developing your business.”
Momentum is a multi-award-winning R&D Tax Advisory firm with a proven track record in achieving 100% success rate in R&D Tax Credit claims. Its processes and methodologies have achieved significant R&D Tax Credit claims for qualifying companies demonstrating forward thinking and innovation.
It is a team of R&D Tax Credit specialists incorporating R&D consultants, chartered accountants and specialist business consultants with a deep understanding of R&D tax relief legislation and its application. To date, it has examined hundreds of companies across most industry sectors, identifying R&D activities with associated expenditure for the purpose of R&D tax claims.