Free R&D tax advice for companies who are switching production to fight Covid-19
As a number of companies across the UK switch manufacturing processes to join the fight against Covid-19, The Momentum Group, specialist R&D tax credit consultants are offering to provide free claims advice to anyone now producing clothing or equipment to aid the NHS.
The government has issued a rallying call to businesses to join the effort in making life-saving medical instruments. Last week Health Secretary, Matt Hancock even took to Twitter: "Calling all manufacturers who can support our National Effort for #coronavirus ventilator production - to help, contact Government Business Support team."
Since then companies across the UK have responded and pledged support in a number of ways.
For example, Scottish brewers, BrewDog has switched production to make hand sanitiser, Irish sportswear company, O’Neill’s is making medical clothing and car-manufacturer, Vauxhall is 3-D printing ventilator components from its base in Bedfordshire.
Making these switches in production may require a degree of research and development and now we will offer claims advice for FREE to those companies who are stepping up to help others.
We have also called on the government to ensure R&D claims are paid within 28 days to enable companies to maintain a healthy cash flow.
This is an unprecedented global crisis and the only way we will beat Covid-19 is by working together and helping each other.
Companies who have switched production to produce protective clothing, medical equipment and sanitiser not only deserve our respect and thanks, but they also deserve the full R&D tax credit support available from the government.
The Momentum Group are specialists in this area, having successfully secured over £150million in tax benefits for our clients, and we are happy to be able to offer free claims advice to these companies. I am urging them to get in contact with us – there is no obligation.
In the recent Budget the government underlined its support for R&D work by increasing the value of the benefit available, and now we will do everything in our power to ensure these businesses working in the interests of public health will receive their full entitlements by giving the best advice possible.
The monetary value of R&D tax credits to these companies could run into tens of thousands of pounds which could benefit cash flow enormously. It is also vital that when claims are submitted that the government moves quickly with payments.
There has been a similar response globally with US tech giants Amazon and Microsoft donating millions to business communities. Chinese e-commerce company, Alibaba is distributing millions of masks as well as protective clothing and testing kits to every country in Africa. In France, luxury goods company LVMH, which owns Bulgari, TAG Heuer and Tiffany among other major brands is now making hand sanitiser.
