Tax relief specialist Access2Funding has revealed it helped UK SMEs claim back £15.7m in R&D tax credits last year.
Access2Funding said it is “knowledgeable” in all aspects of corporation tax, and this year it said its focus is on further assisting businesses with their growth plans via additional services in its tax portfolio for SMEs.
In 2021, Access2Funding increased its UK client base by 35%, with the biggest upturn coming from construction firms, which accounted for 35% of new innovative clients, followed by manufacturing companies at 27%.
As well as providing business support with R&D tax relief, Access2Funding has four additional tax relief services in its portfolio: embedded capital allowances, land remediation relief, patent box and R&D capital allowances.
It said this portfolio of tax services, alongside the hiring of three tax managers in 2021, has allowed the firm to support “even more businesses than ever before”.
Dawn Coker, CEO at Access2Funding, said: “2021 was an exciting year for the whole team at Access2Funding, as we supported a variety of businesses as they navigated their way through the pandemic and sought new sources of funding, such as HMRC’s various tax relief schemes.
“R&D tax credits is still our main service offering, with our team of tax and sector specialists helping businesses secure maximised claims for innovation. In September 2021, HMRC reported that UK businesses received £7.4bn in R&D tax credit relief in 2019/20, but there is still a large sum going unclaimed, as is the case with many of HMRC’s tax relief schemes.”
She added: “We are extremely proud to have secured £6.6m in R&D tax relief in 2021 for businesses in the North, more than £3m for Midlands-based businesses and £1.9m for businesses in the South, as well as supporting many businesses across Wales and Scotland.
“Our aim is to highlight the benefits of tax relief schemes and our additional services such as land remediation relief and patent box will allow us to provide added value and maximise growth potential for our innovative clients.”