Independent firm Luvo Financial, which specialises in advising businesses on R&D Tax Credits, is set to create new jobs as it experiences sustained growth and celebrates its third anniversary.
Luvo works with businesses and independent accountancy practices across the West Midlands, and has launched a recruitment drive that will see it add up to four associates to its team.
Founded in 2015, Luvo’s partners Ian Batkin and Vicki White, both qualified accountants, say that thanks to a 100 percent success record in making R&D Tax Credits claims for its clients, the firm has seen continued growth in new and repeat business and so is looking to create a new senior team to support its ongoing expansion:
“Since launching Luvo, demand for our specialist, no-nonsense advice on R&D Tax Credits and Relief, Capital Allowances and Patent Box claims, has steadily grown. With the business now firmly established as a leading and effective adviser in this specialist area, through our work with accountancy practices, their clients and direct with private businesses across the UK, we are now looking to create a number of senior roles to support the next phase for the business,” explains Ian Batkin.
Ambitious growth plans
“In order to support demand and our ambitious growth plans, we intend to create a team of ambitious business associates to join Luvo Financial’s established team. We are a team of experienced professionals mostly working with accountancy practices and are looking for like-minded individuals with experience of working in a business environment, who will be supported with in-depth training on how we support our clients with corporate tax allowances and R&D Tax advice.”
According to the government’s latest figures (2015-2016), the total amount of R&D support claims stand at almost £2.9bn against a total value of R&D expenditure by UK businesses in the region of £23bn. Since the launch of the R&D Tax Credit schemes in 2001, over 170,000 claims have been made and £16.5bn in tax relief claimed.
“Despite these figures, misunderstanding amongst businesses is widespread,” adds Ian, “with the majority believing that R&D Tax Relief and Credits is only available to ‘lab coat and goggles’ businesses, which simply isn’t the case.
“Whilst government figures indicate that the manufacturing, professional, scientific and technical, and information and communication sectors make the greatest claims, R&D Tax schemes are available to all businesses that are investing in R&D activity.
“With the average claim by SME’s worth in the region of £60,000, R&D Tax Credits are a valuable government tax incentive for limited companies who invest time and money into developing new products, processes and services, or enhancing existing ones. Companies who invest in R&D activity, are eligible for a cash payment, a reduction in corporation tax, or increased carried-forward and off-settable tax losses.”
He adds: “With the support of experienced R&D Tax specialists like Luvo, companies can maximise their chances of a successful claim, to support continued investment and innovations.”