A recent report from the Federation of Small Businesses highlights that Small and Medium-sized Enterprises in Northern Ireland are losing out on valuable time and money when dealing with annual tax compliance, says Tom Verner of the Momentum Group
‘Taxing Times’ found that local SMEs are losing up to £5,000 and using more than 15 working days every year navigating complex tax compliance processes. Businesses also indicated that they are regularly faced with challenges including difficulty determining the tax rates they are required to pay, as well as confusing exemptions.
The startling statistics have been revealed just weeks after Northern Ireland Research and Development (R&D) Tax Credit specialist, The Momentum Group, was awarded the FSB NI Scale Up Business of the Year. R&D tax credits continue to be the most under-claimed form of corporation tax relief in Northern Ireland, despite the potential generous benefits and costs that could be recouped from it.
Commenting on the findings, The Momentum Group Managing Director, Tom Verner, said: “We know that tax compliance can be a testing period for many businesses, particularly SMEs which may not have a dedicated team to oversee it. However, we also know that potentially hundreds of thousands of pounds are missed out on by businesses that neglect to claim R&D tax incentives each year.
“Proving a drain on business, it is no surprise that many SMEs recruit the help of tax specialists to take care of their annual tax compliance. Not only is it more efficient for their business in terms of time and resources, but it is also more cost-effective, resulting in greater returns on their claims.
“The Momentum Group has a team of experienced specialists who have already secured almost £100m in enhanced R&D tax credits for clients in virtually every business sector. This is what we do day in, day out, so we are well equipped to help those businesses who need some extra support preparing the claim as our business model undertakes approximately 90% of the work, allowing business owners and senior management to concentrate on developing and growing their business.”
The Momentum Group is a locally founded company that has been working hard to raise awareness of R&D tax credits amongst innovative companies in almost every sector. The R&D specialists are calling on all Northern Ireland businesses to take action this year to explore this valuable incentive and make Northern Ireland as competitive as other regions in the UK.
For more information on R&D Tax Credits and to check what activities qualify for claims visit www.momentumgroupni.com