Durham-based research and development (R&D) tax specialists, Lumo, are hailing 2018 ‘the year of innovation’ in the North East following a significant increase in successful tax relief claims for inventive projects and solutions across the region and beyond.
The last 12 months has seen R&D tax relief claims handled by Lumo rise over 160 per cent, across diverse sectors, including life sciences, food and drink, science and technology and manufacturing. Local projects have included a waterfall technology to help cool car paint and whiskey produced using water from the River Wear.
Speaking about the rise, Lumo’s Business Development Manager, Joe Routledge, said: “Our region has always been known for its creativity and inventive nature, as highlighted in the recent Great Exhibition. It’s heart-warming to see that modern and forward-thinking approach to problem solving continue. We are seeing businesses truly differentiate themselves from the competition through a sustained and strategic approach to R&D investment.
“As a business we have been able to successfully support these cutting-edge companies by ensuring they are making full use of the credits available to them. As a business we only operate in the R&D sector, it receives the full attention of our highly qualified team and as such we have been able to unearth opportunities which may not have otherwise come to light. This has given businesses a real boost, with tax returns often as high as 33p in the £1 of qualifying costs.”
This comprehensive approach has paid off for Lumo, which recently hired experienced new staff members and opened a state-of-the-art office in Durham, in response to the growing demand for specialist R&D knowledge.
Looking forward to 2019, the company is looking to encourage businesses to recognise where R&D is currently being used in everyday working practice, as it believed many are missing out on potential claims.
Joe Routledge said: “We are eager to continue helping innovative businesses across the North East through our R&D tax support. Many companies become so involved in ensuring that day to day activities are running smoothly, they are innovating and bringing best practice to their industry without fully realising. In 2019, it is our aim to spread awareness of available tax returns, whilst continuing our support for pioneering businesses across the region.”
Lumo is a market-leading accountancy firm specialising in R&D tax credits. The company has helped over 200 companies make more than 250 R&D tax claims, recovering over £15m in tax relief over the past 10 years. In addition to handling R&D tax claims, the business also provides advisory services for their clients, helping them to budget efficiently and plan for the future, knowing what tax credits for research and development can be claimed.