Despite the current Brexit crisis leading to a shortened Spring Statement, Chancellor Philip Hammond confirmed that his investment in research and development (R&D) is set to continue, whatever the outcome of the current debate, writes Tom Verner, The Momentum Group.
The Chancellor stated that the Government will invest £200 million in scientific research programmes, including supercomputers, medicine and aerospace technology, to support Britain’s fast-growing innovative industries. The Chancellor has stated that this investment will allow the UK to retain its “competitive advantage” amidst the uncertainty of Brexit.
The Momentum Group, a multi-award-winning R&D Tax Credit advisory firm, has welcomed this investment as it demonstrates the importance of R&D in creating an innovative, forward-thinking business economy. The investment will ensure that Northern Ireland and GB remain at the forefront of innovation, allowing the local economy to grow.
Tom Verner, Group Managing Director for The Momentum Group, said, “Within Northern Ireland the technology sector has been successfully growing. As turnover within the sector has reached over £875 million in NI alone, it is evident that continual innovation is the key to business success. The substantial investment within the Spring Statement demonstrates how innovation, particularly within research and development, can bolster businesses like never before.
“At Momentum, we work across the business landscape to support innovation through R&D Tax Credits. These are often highly innovative companies, who can reinvest these savings into technological innovation that strengthens their business, exports, employment and the local economy in the wake of Brexit. While many companies are beginning to wake up to the benefits of R&D Tax Credits, the potential is still far greater. There are still many local businesses that are not aware of R&D Tax Credits, or incorrectly think they do not qualify and are not claiming their full legitimate entitlement. The impact of this new investment, coupled with R&D Tax Credits, can help innovative businesses across Northern Ireland and GB to thrive.”
Momentum has helped hundreds of large and small highly competitive companies, from manufacturing to construction, food & drink to technology, to claim this UK government initiative. The multi-award-winning R&D Tax Credit advisory firm specialise in identifying all qualifying R&D activities to optimise the true value of R&D tax relief available. The team includes chartered accountants, business, commercial and ex-HMRC technical experts to ensure every claim gets the necessary expert scrutiny and is thoroughly investigated to meet HMRC compliance, preventing the misuse of R&D Tax Credit relief.