Specialist tax relief firm, Catax, has announced it is tripling its workforce in Scotland and opening an additional office north of the border.
The expansion comes as the firm looks to help Scottish firms realise the value of their innovations. Catax research shows 73% of companies north of the border are classed as ‘innovative’ because they have developed a new product or process in the past few years, and so are likely to be eligible for R&D tax relief.
However, fewer than a third (31%) of potentially eligible firms report claiming it in the past — well below the UK average of 45% of companies that report claiming R&D tax relief.
It comes as official figures from HMRC's September 2018 report shows R&D claims across the UK are increasing rapidly with a 52.2% rise in the number of claims year-on-year.
In Scotland, tech firms, in particular, are enjoying phenomenal success after a Tech Nation report highlighted the Scottish sector as being on par with the best in Europe. The industry has also seen an 8% rise in jobs over the past year and contributes to three-fifths of the country’s total tech turnover of £3.9billion.
The new head office, in Glasgow’s West George Street, will complement Catax’s existing satellite office in Edinburgh.
The move marks the latest milestone for Catax’s ambitious growth strategy to treble in size by 2021, as the firm looks to help businesses of all sizes capitalise in the boom in Scottish innovation.
Catax CEO, Mark Tighe, commented: “We are delighted to be able to offer assistance to even more businesses across Scotland who are chronically underserved when it comes to tax relief advice.
“We now have a physical, permanent presence in Glasgow and Edinburgh, but that’s not where our work stops. There are thousands of innovative businesses right across the nation from Aberfeldy to Wick who could all benefit from R&D expertise.
“The truth is that tax relief helps businesses to grow, with the extra capital often being used for further investment and the Government knows this.
“As Brexit draws ever closer, it’s becoming apparent that the key to unlocking economic growth in Scotland is helping these firms realise they qualify for these incentives and helping them recognise that the rewards can be lucrative.”
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