Finance Awards 2020

15 | Finance Awards 2020 Founded in 2018, Quantum R&D Tax Ltd is an independent research and development tax consultancy operating across the UK. Following its well-deserved success in the UK Finance Awards 2020, we got in touch with Co-Owner Katherine Baines to find out more. Based in Worcestershire, Quantum R&D Tax Ltd are one of the very few R&D specialist organisations to be regulated by the ACCA. With a team of experts in R&D tax relief and a wealth of knowledge and understanding of multiple sectors, the firm are well placed to maximise its clients R&D tax credit claims. Going into further detail, Katherine begins by outlining the services provided by the firm and the type of clients that turn to Quantum R&D Tax for their award-winning services. “As a research and development tax consultancy we help SME’s claim R&D tax credits back from HMRC on their qualifying research and development expenditure. R&D tax credits reward and encourage scientific or technological advancements and improvements, by supporting companies that work on innovation projects, helping them reinvest in further innovation and growth.” “Together, our mission is to help educate potential clients on what constitutes as eligible R&D and the criteria they need to meet to make a successful claim, and then work with their finance team and/or accountant to file the claim with HMRC, so there is no stress or hassle for the client. As part of the claim process, we conduct a technical interview with the client to capture the details of the R&D projects they have done throughout the year, and then help them identify the corresponding expenditure to produce a finance report that outlines the claim, that we submit to HMRC on their behalf. Although Quantum R&D Tax helps any eligible businesses to claim R&D Tax credits, there are five sectors that we typically concentrate on, these being sustainable business, digital technology, engineering and manufacturing, food and drink, and construction.” Despite its size, the firm is able to compete with some of the bigger players in their industry due to the efficient manner in which the team works. “Quantum R&D Tax is different from its competitors as we are a small team” Katherine highlights. “With Michael Newnham overseeing technical SME Tax Practice of the Year 2020 reporting and myself overseeing the financial report, clients deal directly with us rather than dealing with a different member of staff each time they contact us. This way, we have been able to build strong client relationships from the beginning. Naturally, we pride ourselves in the reports we prepare to submit to HMRC, and if a claim were to ever have an enquiry open on it, then we would defend the claim for no additional fee. Registered and regulated by ACCA, clients know they are in safe hands particularly as not all R&D tax companies have professional registrations.” Working in the tax consultancy sector can be quite challenging, and as Katherine goes on to explain, it often requires people with a particular set of skills. “As mentioned previously we pride ourselves on the reporting for claims, which is why when we look to hire people we identify candidates who are experts with attention to detail.” The outbreak of COVID-19 has further emphasised the importance of businesses (who are eligible to do so) claiming R&D tax credits. With many SME’s struggling with this in the current climate, Quantum R&D Tax Ltd are here to support its clients, as Katherine points out. “Only 55% of businesses eligible to claim R&D tax credits are doing so and we are here to make the process simple and easy for any clients wishing to claim.” Looking ahead to what the future holds for the firm, Katherine signs off by revealing the goals that the team at Quantum R&D Tax hope to achieve in the years to come. “Over the coming years, Quantum R&D Tax will continue to grow organically from our network of contacts and existing clients, and because we are members of as we grow others will benefit too, as we give a donation supporting one of the UN’s Global Goals on successful completion of every claim completed.” Company: Quantum R&D Tax Ltd Contact: Katherine Baines Website: Nov20410