Recoup eyes further growth after securing £15m in R&D tax rebates
Recoup Capital has claimed back £15m in R&D tax rebates for businesses since its inception 18 months ago.
The Manchester-based specialist works with UK companies in every sector, including property and the built environment, hospitality, tech, fintech, engineering, manufacturing, retail, wholesale, farming and science.
Recoup’s average Research and Development tax claim is £123,000 – 146% over the £50,000 national average.
Anthony Doran, Recoup Capital managing director, says thousands of businesses are missing out on millions in R&D credits.
“Our target is to help UK businesses claim £75m by 2022,” said Anthony. “While ambitious it is realistic.
“Our clients give great feedback on how they have benefitted from claims, which include laying a foundation for growth, cash flow improvement, hiring and generally thriving rather than surviving.”
Recoup, founded just weeks before the pandemic hit, has recently doubled headcount to eight and is based in Manchester city centre.
From September, following the launch of a new batch of innovative products, the company is preparing to grow its workforce.
El Gato Negro, Property Alliance Group, PP O’Connor, Caldwells, Zerum, Metro Demolition, LOFT, and Freedom Brewery are just some of the companies Recoup has claimed back R&D tax rebates for in recent months.
David Russell, chief executive, Property Alliance Group, said: “Research and Development tax relief is a moderately new concept to the property and construction sector. Recoup Capital were extremely well versed in the area and gave us confidence from the beginning that they were the right partner, through their ability to maximise results via their strong intellectual property. They have evolved to add new products which have been extremely beneficial to our business, including stamp duty tax relief and land remediation tax relief.”
Introduced in April 2000 by HMRC, the R&D tax credit incentive rewards UK limited companies for investing in innovative products, services and processes – to the tune of up to 33p for every £1 invested.
Anthony says businesses are too often told they don’t qualify.
“Businesses can also feel they don’t have enough knowledge of the tax system,” said Anthony. “Meaning they miss out on significant cash boosts which can be used to better their business.
“We know that thousands of UK businesses are leaving millions on the table by not claiming back rebates and we want to change this direction of travel for the good of both individual businesses and the wider economy.”