Tait Walker’s tax team has helped a North East manufacturing business be the first to benefit from a new process for claiming tax credits for R&D.
Quick Hydraulics Limited is participating in a new pilot scheme implemented by HMRC which enables small companies to make their first R&D relief claim via a three year ‘Voluntary Advance Assurance’ agreement.
Tait Walker was the only North East accountancy firm shortlisted to participate in the scheme, whilst the innovative fluid power solutions manufacturer was one of just 30 companies nationally to receive the Advance Assurance.
Quick Hydraulics managing director Andrew Esson said: “Via the Advance Assurance agreement, the greater our investment in R&D, the larger the corporation tax offset we will receive from HMRC.
“Our business plan includes commitment to a programme of R&D to develop our product offering, so suffice to say that Tait Walker’s guidance throughout this process has been invaluable and we will certainly be reaping the benefits of the scheme.”
Tait Walker’s tax partner Alastair Wilson said: “The R&D tax credits are a valuable source of funding for small companies in the current economic climate and obtaining a three year agreement in advance has provided Quick Hydraulics with a source of cash flow which can be robustly forecasted.
“The tax credit team at Tait Walker are successfully generating substantial cash refunds for companies throughout the North East from HMRC’s R&D tax credits programme and already we have successfully sourced over £1.5m for clients over the last six months.”
The pilot programme has now closed, so Quick Hydraulics’ Advance Assurance will remain unique in the North East.