EY has acquired Breakthrough Funding Ltd, a UK-based Research & Development (R&D) independent tax consultancy which specialises in supporting companies accessing R&D tax relief through the Small to Medium Size (SME) scheme.
The “bold” deal, which EY said underlines its “continued commitment” to the SME market, will see the Breakthrough Funding Ltd team become an extension of EY’s Innovation Incentive R&D tax team, under the new name – EY-Breakthrough Incentives.
Its 20 employees will continue to operate from its head office in Ashford, Kent. EY said Breakthrough Funding Ltd’s client base are mostly privately-owned SMEs.
Frank Buffone, EY partner and founder and head of EY’s Innovation Incentive team, said: “SME’s are the lifeblood of the UK economy.
“This acquisition will help these businesses access the much-needed R&D tax relief they need to grow and reinvest in innovative products and services – these incentives are now even more important to help SMEs during these challenging times.”
He added: “Being able to advise clients from the SME market up to large businesses on R&D reliefs really sets us apart from our competitors.”
Roxane Markarian, EY partner and head of London Market for Innovation Incentives, said: “EY recognises that the private mid-market is the engine room of the UK economy, and the acquisition of Breakthrough Funding Ltd – one of the UK’s leading R&D tax boutiques – provides access to this huge SME market and over 1000 existing clients.
“As announced in last month’s Budget, R&D is seen as a huge growth driver for the UK, and EY’s acquisition of Breakthrough will help SMEs take advantage of the opportunities available to them through R&D funding and investment.”