Article originally featured on Manchester Evening News
Two Manchester firms specialising in research and development (R&D) and capital allowances tax relief are merging under one brand.
RD Tax Solutions and Catax Solutions, founded by CEO Mark Tighe nearly 10 years ago, will now be known as Catax.
Catax, which employs just under 100 staff at its headquarters in Altrincham, and has more than 12,000 clients around the UK, is now a one-stop shop for any company seeking to reclaim tax relief on the back of R&D activity it has performed or, where commercial property is owned, via unused capital allowances.
R&D tax relief is a key focus of the current government, which announced in its recent Budget plans to make it easier for UK firms to make claims in this area.
To date, Catax has secured its clients an average R&D tax benefit of £39,000 but HMRC figures show that fewer than 1 per cent of eligible UK companies are taking advantage of this relief.
According to Catax’s latest research in the north west, 57 per cent of businesses have not heard of R&D tax relief, while 46 per cent believe it is restricted to companies in science, pharma and tech sector.
Alongside R&D tax relief, Catax will continue to help companies and individuals that own commercial property realise any unused capital allowances tax relief.
Capital allowances, which can be claimed on a commercial property’s “intrinsic fabrication”, are another area overlooked by too many UK businesses, with the average client benefit to Catax clients currently £46,000.
To date, Catax has recovered more than £136m in both R&D and capital allowances tax relief for its clients.
As it goes from strength to strength, it expects to recover twice that between now and 2019 under the new brand and through its key introducers; ICAEW, the Law Society and Association of Chartered Certified Accountants (ACCA).
CEO Mark said: “Bringing together RD Tax Solutions and Catax Solutions is not just about streamlining our proposition and building a stronger, more recognisable brand but making it easier for our clients to effortlessly move from one specialist tax relief to another.
Click here for full article