R&D tax relief specialist Catax today announces it has saved its customers more than a quarter of a billion pounds, reaching the milestone in just 11 years.
Catax has benefited its clients to the tune of £264million since the firm’s launch in December 2008, saving customers an average of £24million a year.
Capital Allowances claims returned £132million and R&D tax relief bolstered client accounts by £131million.
The biggest individual saving was an R&D tax relief claim for a manufacturing company that received more than £1million from HMRC.
Catax, headquartered in Manchester, submitted more than 300 Capital Allowances claims and more than 1,500 R&D claims in 2019. Its average client benefit is £50,000 for Capital Allowances, £59,000 for R&D claims and £59,000 for the Patent Box.
The landmark comes mid-way through Catax’s three-year plan to triple its revenue.
This year, the firm opened an office in Vancouver to help businesses take advantage of Canada’s Scientific Research and Experimental Development tax relief, which is very similar to the UK’s R&D tax credits.
The firm’s reputation has also grown strongly in 2019. The team in Manchester have reduced the drop-off rate for claims by 24% and increased average client benefit by 18%.
Mark Tighe, chief executive of R&D tax relief specialists Catax, said:
“It’s incredible to think that we’ve saved our clients more than a quarter of a billion pounds in the last 11 years.Clients are always amazed by how much we can save them, but even we had to pinch ourselves when we realised how much it had added up over the years.
“When we told the manufacturing company that we had saved them a million pounds, the chief executive’s jaw almost hit the floor.
“These figures are a great start to the year and we look forward to saving our clients millions more in 2020.”
