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Armstrong Watson is delighted to announce that it has obtained a R&D repayable tax credit of well over £120,000 for U2T Photonics UK Limited, based at NetPark in County Durham this year.
Nigel Holmes, Director of Corporate Tax at Armstrong Watson, says, "We introduced the idea of Research & Development (R&D) Tax Relief to U2T Photonics UK Limited a few years ago and they have received large repayable tax credits for the past two years. This year they have received in excess of £120,000.
U2T Photonics UK Limited develops ultra high speed optical components. These are used in fibre-optic transmission, which forms the backbone of worldwide communication networks with the highest operating speeds of 100GHz and beyond.
Steve Clements, Managing Director at U2T Photonics UK Limited, says, "Our business is focused on developing products in its current phase and we have committed an investment in development effort and capital. Tax credits on this investment are very important in making the investment as efficient as possible. Armstrong Watson has been instrumental in advising us on how to take full advantage of this route."
Nigel Holmes advises that R&D Tax Relief is available to companies developing scientific or technological knowledge where the solution is not readily known in that particular field. Many companies are still missing the opportunity to claim this generous relief. Recent statistics published by HMRC shows only 10,070 companies claim the relief. The number of successful claims on behalf of our clients well exceeds the national average.
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