Tax advisor helps firms recoup £10m in R&D spend
A WOLVERHAMPTON tax specialist has helped firms in his niche area recoup £10m in reclaimed HMRC R&D tax credits.
Mark Evans, a chartered accountant based at Pendeford Business Park, specialises in helping companies reclaim corporation tax spent on R&D projects.
Over the last four years he has helped SME clients in the manufacturing, engineering and software sectors to reclaim millions by researching and identifying whether or not the company qualifies for an HMRC R&D tax credit.
To date, his work has netted 120 SME clients across the UK an average tax refund of £83,000. His largest success came with a successful £125,000 tax claim by his firm R&D Tax Claims Ltd.
“I’m constantly surprised at how many SMEs are put off investigating the R&D tax credit scheme”, said Mr Evans.
He said some SMEs made the mistake of thinking that only the manufacturing sector could apply whereas the R&D tax reclaim scheme covers businesses that develop new products or introduce new and improved processes as well as those working in niche markets such as those in engineering, software, electronics, pharmaceutical and communication systems.
R&D that results in a failed experiment or prototype is also included under the scheme.
“If a prototype or explorative project doesn’t come to fruition, it could still be considered for a tax credit, so bosses shouldn’t be put off trying,” added Mr Evans.
“Businesses can continue to claim on a yearly basis and many of our clients are enjoying their third reclaim.
“A cash injection into a business is welcome at any time, but if businesses are to continue to innovate to survive and grow in this persistently harsh climate, they need a little financial assistance and flexibility. The R&D corporation tax credit scheme helps supply this and I’m absolutely delighted that we’ve helped our clients, most of them within the Black Country, win back such a huge amount in a relatively short time.”
