MPANI says firms missing out on R&D tax credits
Mine of tax credits waiting to be unearthed in mineral product sectors in Northern Ireland
THE mineral products sector in Northern Ireland could be sitting on a mine of millions of pounds of unclaimed research and development (R&D) tax credits. That is the message from the Mineral Products Association Northern Ireland (MPANI), the organization which represents 95% of the industry in the country.
Gordon Best (second left), director of MPANI, said that most companies within the sector will find some of the processes they are already carrying out are eligible for R&D tax credits.
He commented: ‘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’s one area that we’re very supportive of.’
Tom Verner (far left), founder and managing director of Momentum Group, a R&D tax advisory firm with a proven track record in achieving 100% success rates in such claims, added: ‘Working with quarrying and construction companies, we have found a lot of innovation taking place – innovation they didn’t even realized 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 research and development tax credits, to which they are entitled.’
Momentum’s processes and methodologies are said to have achieved significant R&D tax credit claims for qualifying companies that demonstrate forward thinking and innovation. To date, the company has examined hundreds of businesses across many industry sectors, identifying R&D activities with associated expenditure for the purpose of tax claims.
Mr Best said: ‘The Momentum team has 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 research and development tax credits and what doesn’t.’