Leading Scottish tax and business advisory specialists, EQ Accountants LLP have claimed over £16M of Research and Development tax credits for clients, ranging from a soft fruit grower and dental implants company to a manufacturer of bespoke automation systems tailored to a wide range of industries.
The firm, which has offices in Dundee, Forfar, Cupar and Glenrothes, has recently secured its 300th claim for R&D Tax credits which can potentially apply to any companies developing or creating new products, innovations or processes.
Managed by a specialist team of seven, EQ now handles over 65 claims each year with a 100% track record of success. During the last eight years, the firm has secured over £16M of tax savings for companies throughout Scotland.
Recent tax savings for clients included £251,000 for a niche engineering business, £185,000 for a textiles manufacturer, £75,000 for a local soft fruit grower, and £38,000 for a dental implants research company.
David Morrison, Head of EQ Taxation commented, “Despite growing awareness of R&D, some businesses remain nervous of claiming believing that HMRC might view this as aggressive tax planning. However, R&D is a claim to which eligible businesses are entitled. Furthermore, many businesses think that R&D tax credits only apply to pure research but there are so many sectors who are entitled to make a claim. In recent years, EQ deals with a growing number of claims, achieving significant savings for clients across many sectors including design, agriculture, food and drink, engineering, manufacturing and software. Businesses need to innovate to stay ahead and, as long as the company is seeking technological advances, they have a strong chance of qualifying.”
Mr Morrison continued, “I’m proud to lead our fantastic and highly experienced R&D team who have delivered this significant level of benefit to our clients. In all cases, these savings have allowed our clients to further invest in staff recruitment and infrastructure, allowing many to enhance and expand their business.”
Amongst the clients to benefit, EQ have delivered several successful R&D claims for SP Technology Limited, recently voted Manufacturing Business of the Year at The Courier Business Awards and also the Insider Business Manufacturer of the Year . The company has been making R&D claims for eight years, clear recognition of its consistent success in providing highly innovative solutions to its customers by continuously carrying out R&D. The company specialises In designing and manufacturing complete bespoke automated solutions, across a very diverse sector range, from food processing, pharmaceutical and medical devices through to the automotive industry, for both national and international clients.
Lee Nixon, Director commented, “The support that EQ’s R&D team have given us over the years has been invaluable, with the savings produced allowing us to invest further in our team and R&D activities, to ensure we are able to stay at the forefront of our highly competitive sector.”
Mr Morrison added, “We have seen SP Technology grow as a client over many years and the R&D tax credits secured simply reflect the quality of workmanship and innovation provided by this company. It’s great to see that world-leading solutions are available on our doorstep. It’s a pleasure to work with such a forward-thinking company whose ambitions ensure that they will remain as a leading player in their sector”