Specialist R&D tax relief firm Catax is to open a Scottish office in Edinburgh as part of plans to increase focus north of the border and treble the company’s size by 2021
The Manchester-based company says the move comes as innovation in Scotland increases rapidly, with a reported 4.5% year-on-year growth in R&D spending to £1.07bn, and estimates that the number of new software companies being created in Scotland rose by 77% in the past year.
Associate director Ian Cruickshank will lead the team at the new office, which is based at the Midlothian Innovation Centre next door to the University of Edinburgh’s Easter Bush campus.
Earlier this year Catax acquired leading London-based R&D tax credit consultancy Fast Track for £2.5m.
Mark Tighe, Catax CEO, said: ‘We are delighted to have a firm foothold in Scotland and, under Ian’s leadership, I am confident the team will do brilliant things for outstanding businesses across the nation.
‘There are thousands of innovative businesses, from Aberdeen to Inverness and Glasgow to Dumfries, who could all benefit from R&D tax relief.
‘The key to economic growth in Scotland is helping firms realise they qualify and recognise the rewards can be lucrative.’
Catax says experience suggests the typical R&D tax relief claim is worth £46,000 and, based on its own research, just under three quarters of SMEs in Scotland could be eligible to claim.
Ian Cruickshank, head of Catax’s Scotland office, said: ‘So many companies are developing new products, processes and services and don’t realise they qualify for valuable tax relief. My mission to deliver millions of pounds back to firms starts today.’
Report by Pat Sweet