Award-winning Bangor tax firm secures Manufacturing NI partnership
AN award-winning Bangor company has announced a major partnership with Manufacturing NI.
R&D Tax Credit advisory firm The Momentum Group has become the business organisation's exclusive R&D Tax Credit partner.
Manufacturing NI works on behalf of its members, in the heart of the manufacturing sector in Northern Ireland to encourage active legislative changes.
With reports indicating that manufacturing represents 14 per cent of the total economic output in Northern Ireland, with approximately 5,800 manufacturing businesses, the partnership presents a significant opportunity to The Momentum Group.
Momentum managing director Tom Verner said they are delighted with the new partnership.
"This partnership marks an exciting time for us. Over the past five years, Momentum has gained significant credibility within the marketplace and is now leading the way in R&D Tax Credits. The 2016 HMRC statistics revealed that despite R&D Tax Credits aiming to drive innovation, Northern Ireland continues to lag behind nearly every other region in the UK, with local companies claiming a total amount of £45m in 2016."
“One of the biggest challenges with Northern Ireland businesses claiming their full R&D tax entitlement, is that many believe R&D Tax Credits are only available for traditional research sectors and ‘white coat' industries. This partnership will allow Momentum to work hard with manufacturing companies across Northern Ireland to ensure they achieve their optimum benefit. In fact, R&D tax credits are open to most industry sectors that show levels of innovation, but are very prevalent in the manufacturing sector as it is designed to stimulate innovation and growth. Momentum works with most sectors, specialising in the manufacturing, technology and construction sector to ensure companies claim what they are legitimately entitled to.”
Manufacturing NI chief executive, Stephen Kelly added:
“Having the right technical and accountancy advice is important so we hope that working with the Momentum Group, firms can easily navigate the process and begin to secure the benefits which they are entitled to."
Founded in 2009, The Momentum Group has built a market-leading team of R&D Tax Credit specialists, incorporating R&D technical analysts, chartered accountants and expert business consultants. The team works in partnership with innovative and forward-thinking accountancy firms, businesses and organisations across a multitude of sectors within Northern Ireland and across the UK.