Tax relief firm passes £200m milestone
A firm which specialises in helping businesses apply for research and development tax relief has passed a £200m milestone.
Manchester based Catax has helped claimed more than £200m on behalf of its clients.
The firm, which recently opened a new head office after outgrowing its previous base in just 10 months, works with businesses across the UK to claim research and development tax credits, capital allowances and patent box tax relief on intellectual property.
Launched in 2008, Catax’s claims total since it opened for business had risen to £204 million by the end of 2018.
The latest figures came as the company announced turnover growth of nearly 20 per cent from £7.4m in 2016/17 to £8.7m in 2017/18.
After opening new offices in Edinburgh and Glasgow last year and seeing staff numbers rise from 54 to 90 following the acquisition of London-based tax credit consultancy Fast Track, Catax announced ambitious plans to triple its revenue by 2021.
With a varied portfolio of 14,000 clients nationwide, Catax, now has five offices across the UK.
Catax chief executive Mark Tighe said: “Our aim is to help businesses get the most out of their tax relief entitlements, so hard work and innovation is properly rewarded and encouraged.
“It is astonishing how many eligible companies miss out on valuable tax relief due to a lack of knowledge and understanding of the process.
“Many simply do not realise they are eligible at all. This impressive sum of £204 million shows just what a difference it can make to businesses if they capitalise on these tax reliefs.
“Significant sums of money are at sake, which can then be reinvested in further growth and innovation.
“The average value of an SME tax relief claim in the first year alone is £51,000.
“After 12 months’ rapid expansion, we’re looking forward to continuing this growth through the next three years to extend our services to the many businesses across the UK still missing out.”