Amplifi Solutions, a Northern Ireland entrepreneurial tax incentive specialist, has announced its key role in securing nearly £10 million in vital, non-dilutive financial support for NI businesses, through R&D tax credits, in the last financial year. This marks a significant growth from the previous year, reflecting an increase of nearly £1.5 million.
As a part of Catalyst’s Inbound Investor steering committee, Amplifi Solutions extends its commitment to growth businesses beyond R&D tax credits. Actively working towards fostering innovation locally, Amplifi helps to match local businesses with non-NI investors when sourcing investment capital.
Championing Northern Ireland’s innovation profile, Amplifi partners with key stakeholders across the business community to ensure that companies are in-the-know about the government’s R&D tax credit scheme – a crucial incentive which can accelerate their innovation roadmap.
Jamie Watts, commercial director at Amplifi Solutions commented:
“Recognising the challenges faced by companies amidst reforms in the R&D tax credit scheme, we aim to play a pivotal role in helping businesses and their advisors grasp the changes and the impact they might have on their business in the forthcoming years.”
Following an ongoing review process, recent HMRC amendments to the R&D incentive have thrown in some challenges for companies, as the government demands more meticulous administrative and reporting measures.
HMRC estimates that in 2020 to 2021 the R&D tax credit scheme suffered an overall error and fraud figure of £1.13 billion, and their new R&D Anti-Abuse unit is actively analysing claims as they aim to identify and stop more fraudulent practices.
Such increased scrutiny has altered investor and advisor perspectives. Investors are now more vigilant about R&D claim practices, understanding the potential pitfalls of lacklustre financial reporting. Amplifi collaborates with prominent investment companies like Maven, Par Equity, and Clarendon Fund Managers, ensuring their portfolios are making accurate and defensible claims.
Even against this backdrop of uncertainty, Amplifi has continued to add strongly innovative businesses into its client roster, including Decom Engineering, MDE Machinery, IRP Commerce, Seven Software and SideQuest.
Jamie continued: “Accountancy practices are becoming increasingly wary of potential liabilities with HMRC’s intensified scrutiny. We’ve witnessed practices stepping away from offering an inhouse R&D tax credit service, instead steering their clients more towards specialist providers like us. Our prudent claims approach, bolstered by industry-experienced technical writers and a robust delivery team, which is composed of Chartered Tax Advisors and qualified accountants, offers more knowledge and supportive backup for their clients.
“Amplifi will be celebrating our 10th year of trading in 2024, and I believe our longevity and success is testimony to our diligent approach and the strength of the innovation ecosystem that we have developed.”
To find out more, visit www.amplifi.solutions