Accounting Firms

EQ reaches £20m milestone of R&D tax savings for its clients

EQ Accountants has revealed its R&D taxperts have secured over £20m of res earch and development tax credits for companies across Scotland in a large variety of sectors.

Over the last nine years, it said the team has completed over 360 claims for innovative companies who have undertaken problem solving activities to adapt or create new processes or products.

It also added 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.

As many businesses struggle with their cash flow due to the impact of coronavirus, EQ said this type of potential cash injection is “so important” in assisting them to thrive again.

During lockdown, whilst working remotely, EQ added it has completed 17 claims worth over £1.4m and are currently processing another 16 to provide clients with the “much needed” cashflow injection.

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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 and we will be happy to discuss.”

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