July/August 2021

JULY/AUGUST 2021 AFTERMARKET 15 www.aftermarketonline.net d i echnolo T gy en r v O f ll i ft k t b ki id iT delphiaftermark Delph echnologies isabrandofBo ur u -serv ce a ermar access to premium parts advanced diagnostic an you be a step ahead in se European car parc. et.com rgWarner Inc. e ra ng program prov es , leading vehicle coverage , d technical support to help rvicing the rapidly evolving wide-ranging research and development work and to build for the future. However, I recognise the economic landscape at present is still very bleak for many businesses who are struggling in the midst of a global pandemic and dealing with the uncertainty of Brexit. Again, I would urge these companies to speak to a R&D Tax Credit specialist who can conduct reviews of your business activities and identify work which qualifies for claims. For example, I read recently in Aftermarket how a lubricants company switched production during lockdown to also produce hand sanitiser as part of the fight against the spread of COVID-19. This will have required a level of R&D work which could have qualified for R&D Tax Credits. Between the £38 billion spent by the government on Bounce Back loans for businesses affected by the Coronavirus pandemic, and the potential tax relief that can be claimed in R&D, there is so much support for businesses out there but awareness and understanding of the latter remains stubbornly poor. A recent survey published by HMRC highlighted how there is still a lack of awareness about the benefits of R&D Tax Credits as well as a lack of awareness of what constitutes qualifying work and indeed how companies can go about making a claim. With the government committed to processing a successful claim within 28 days and the lowest average claim value at just over £65,000, it could be cashflow which helps your company navigate this uncertain period. Rebound At Momentum, we have launched our free ‘Rebound’ support service which aims to assist businesses by maximising their uptake of all available grants and R&D tax benefits offered by the UK government. This Rebound service comes in response to the dual challenge for businesses operating under the uncertainty of Brexit and an ongoing global pandemic during which we will continue to offer free claims advice to companies during these pressured times. Momentum can help, we recognise that businesses will know their own sectors inside out but often struggle when it comes to understanding what qualifies for R&D Tax Credit claims. Our Rebound support service aims to work directly with companies to conduct strategic reviews of their business before putting strategies in place to identify wide-ranging R&D and innovation opportunities. To learn more about R&D Tax Credits available to companies and to calculate how much you could receive visit: www.momentumgroupni.com The global automotive industry is on the brink of a seismic change, perhaps not witnessed since the introduction of the internal combustion engine ”