The Courier & Advertiser (Fife Edition)
Accountants achieve £20m of R&D tax credits for clients
FINANCE: Claims during lockdown helping firms with their cash flow
A Tayside and Fife-based accountancy firm has claimed more than £20 million of research and development tax credits for its clients in the past nine years.
Upon reaching the milestone, EQ Accountants is urging firms to come forward if they think they might be eligible for an R&D claim.
The firm, which has offices in Dundee, Forfar, Cupar and Glenrothes, has secured more than 360 claims for companies, many of whom did not think they were eligible beforehand.
EQ complete around 70 claims each year through their specialist team of seven staff.
The firm has a 100% record of success, with every claim submitted.
Recent claims have included £106,603 for a textiles company, £86,760 for a food and drink producer and £553,767 for an IT software company.
During the lockdown period, EQ has completed 17 claims worth more than £1.4m and are currently processing another 16 to provide clients with that much-needed cash flow injection.
Partner and member of the R&D team, Rachel Bell said: “In recent years, we’ve been helping an increasing number of clients secure significant tax savings, allowing them to invest in their business to drive future growth, or in recent cases, protect their staff and business from the impact of the ongoing pandemic.
“We still speak to many companies who don’t think they are eligible and are missing out on this vital cash flow injection.
“I urge anyone, particularly given the current circumstances, if they have conducted a project seeking to create, improve or adapt processes or products, they have a strong chance of qualifying.”
One of the EQ clients to benefit is Kettle Produce, a vegetable producer based in Fife.
The company undertakes crop trials and develops their processes to increase yield, reduce waste, improve their products and extend the supply season.
Finance director Liz Waugh said: “We undertake a lot of R&D to get the right end product. Due to the savings EQ has helped secure for us, we have been able to fund further innovation.”