Luvo, which specialises in advising businesses on R&D Tax Credits, has reported a further 25 percent rise in turnover for the third consecutive year.

The independent firm has reported that the 25 percent year-on-year rise in turnover since 2015 is broadly in-line with similar growth in the number of new instructions and successful R&D Tax Credit claims.

Ian Batkin, a partner at Luvo, said: “The number of businesses, clients and also accountants that we are working with has steadily climbed.

“The Luvo team is committed to only working with businesses that have a valid entitlement to claim R&D Tax Credits, and as such only support those companies with the most valid of claims. As our reputation for integrity and honesty has grown, then so has instructions.”

According to Luvo, there is a growing trend in companies outside of the ‘traditional’ R&D goggles and lab coats type companies that are eligible for and making claims under the government scheme, as the firm’s Vicki White explains:

“In the last few weeks alone, we have begun working with a £multi-million turnover furniture designer and manufacturer, a £6 million turnover commodities manufacturer, a growing augmented reality developer, and a City-based marketing business. This diversity demonstrates the range of innovation, R&D activities, industries and sectors that are developing new products or services every day, work that is eligible for R&D Tax relief.

“With the average claim being between £50,000 and £60,000, it is important businesses understand the government’s R&D Tax scheme and their eligibility to make a claim. After all, this financial support could support ongoing / future product and service development.”

She adds: “According to government statistics, in the region of 90 percent of eligible businesses haven’t claimed the R&D Tax Credits they are likely to be entitled to. This is why our team is working hard to improve awareness and understanding of the R&D Tax Credit scheme.”

New service

Luvo recently launched a free service that will help local companies identify whether their service or product development work is eligible for government financial support.

This covers a free, no-obligation, one-hour consultation with one of Luvo’s qualified advisers and R&D Tax experts, who will advise them if they have a legitimate, valid case to claim and, if required, support them in doing so.

“From our work with small and medium sized private and family owned firms, we know that the main barrier for them in pursuing a claim is that they simply don’t know the kind of work that qualifies for R&D Tax Credits, and in turn, whether their business would be eligible,” adds Ian.

“Often, businesses believe that R&D is only for lab-based development work, but in reality, this type of work is only one part of the activity that qualifies for R&D Tax Credits.

“We will always straight-forwardly advise companies if their activity is eligible for R&D Tax claims, or not.”

For more information, contact Luvo on Tel: 01902 244210, E: enquiries@luvofinancial.co.uk