EQ Accountants have achieved £22m R&D tax savings for clients
Friday, 26 February 2021
Leading tax and business advisory firm, EQ Accountants LLP, have helped secure over £22m of R&D tax savings for their clients.
The firm, which has offices in Dundee, Forfar, Cupar and Glenrothes, has a specialist team of 7 that have completed over 400 R&D claims for clients in a range of sectors from construction, food and drink, engineering, and healthcare. Although R&D tax credits are not new, they can provide a valuable cash injection which companies can use to invest into the business to drive future growth, or to protect the business and staff from the impact of the ongoing pandemic.
Dundee based, Acuvent Engineering Group Ltd, one of the UK’s leading bespoke steel fabricators and heating, ventilation, and air conditioning (HVAC) specialists has worked with EQ since its establishment in 2016, making a yearly claim for R&D tax credits.
The company design, manufacture and install their specialist products and offer bespoke services to customers in key sectors such as construction, environmental and nuclear. They spend much of their time testing various prototypes to create solutions to problems, whether for a specific customer or to continuously develop their product offering to achieve the best possible result.
Calum Sharpe, Director of Acuvent, comments, “We work with industries that require tailored products to meet safety demands that constantly evolve so we heavily invest in R&D as continuing to innovate is crucial to our business. EQ have dedicated time to fully understand what we do and deliver a comprehensive report that showcases the R&D projects we are involved in within the year. We really appreciate their guidance throughout the process, but also the general business advice, support and encouragement they offer beyond this.”
Acuvent have used their tax savings to reinvest back into the company, which allows them to continue developing their business and supporting their team. In the year past, they have invested significantly in new equipment to allow them to produce their specialist products more efficiently and they are also about to expand their team to match the growing demand for their services.
David Morrison, Partner, added, “Acuvent is a great example of an ambitious, growing company that continuously invest in what they do. It’s a pleasure to work with them and see them develop year on year, the team have such a passion and in-depth knowledge for the work they do and it’s clear to see that any time we discuss the R&D work they’ve been involved in.
“I am proud of what our R&D team has achieved, £22m is a great milestone but we will keep pushing as there are still many companies who still don’t make a claim that they are very much entitled to. Working with such innovative businesses really helps you see the true impact of an R&D project, so I’d encourage anyone to get in touch to discuss.”
The team at EQ offer a no obligation discussion on your eligibility to claim for R&D tax credits, you can get in touch with them on 01382 312100 / 01592 630055 or email [email protected].