Orchard Growth Alerts Growth Businesses to Predicted Change in R&D Tax Credit Allowance, Following Tightening Up at HMRC
Orchard Growth agrees with Grant Thornton’s prediction of a change in R&D tax credit allowance, following tightening up of legislation implementation by HMRC
London, United Kingdom, December 17, 2009 --(PR.com)-- Orchard Growth, providers of flexible finance directors to growth companies has warned companies in its care to ensure that they are prepared for a predicted change to the tax relief allowance provided for research and development. As many of the growth companies served by Orchard Growth's part-time FDs are involved in technology, any change to the R&D tax relief boundaries could have a significant impact. For more information, call 0845 3700 303 or visit www.orchardgrowth.com.
Ash Mehta, Chief Executive of Orchard Growth, commented; "We've certainly noticed a change in the responsiveness to tax claims over the last two years. HMRC is much faster in its response, and the prediction by Grant Thornton of a change to the R&D tax relief would come as no surprise. Following the impact of the credit crunch on the public purse, I think there will be a great deal of scrutiny of all tax allowance policies, especially those that involve less tax going to the government."
When asked how growth businesses currently benefitting extensively from the R&D tax allowance should prepare, Ash replied "No changes have been officially made yet, but my advice is still the same. All businesses need to work closely with their finance director to ensure that the company's financial structures are flexible enough to respond to any changes, and that the business is working as efficiently as possible. Many of our clients have improved their business during the recession, and are better placed for the up-turn as a result. If an R&D intensive company is efficient, well-structured and managed by a capable, experienced financial director, it should be able to cope with any change to tax allowances."
About Orchard Growth partners
Orchard Growth Partners provides companies across the UK with financial director services, whenever and wherever growing businesses need it. Orchard Growth specialises in providing interim and part time FDs for growth businesses, providing top level financial expertise without the usual costs and complications of employing a full time finance director. Orchard Growth's finance directors have both financial and commercial acumen, and are experts in strategic business planning and business growth consulting.
Orchard Growth Partners also provides extensive help to growing businesses that are seeking venture capital funding, or other types of small business fund raising. We have extensive connections with the business angel network and provide tailored help for growth businesses at all stages of the capital fund raising process. Our financial director services also assist owners with planning their business exit strategy and also prepare for initial public offerings. Orchard Growth Partners pride themselves upon providing the financial expertise to guide a business owner through the growing pains of business expansion, freeing them to concentrate on running their business.
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Ash Mehta, Chief Executive of Orchard Growth, commented; "We've certainly noticed a change in the responsiveness to tax claims over the last two years. HMRC is much faster in its response, and the prediction by Grant Thornton of a change to the R&D tax relief would come as no surprise. Following the impact of the credit crunch on the public purse, I think there will be a great deal of scrutiny of all tax allowance policies, especially those that involve less tax going to the government."
When asked how growth businesses currently benefitting extensively from the R&D tax allowance should prepare, Ash replied "No changes have been officially made yet, but my advice is still the same. All businesses need to work closely with their finance director to ensure that the company's financial structures are flexible enough to respond to any changes, and that the business is working as efficiently as possible. Many of our clients have improved their business during the recession, and are better placed for the up-turn as a result. If an R&D intensive company is efficient, well-structured and managed by a capable, experienced financial director, it should be able to cope with any change to tax allowances."
About Orchard Growth partners
Orchard Growth Partners provides companies across the UK with financial director services, whenever and wherever growing businesses need it. Orchard Growth specialises in providing interim and part time FDs for growth businesses, providing top level financial expertise without the usual costs and complications of employing a full time finance director. Orchard Growth's finance directors have both financial and commercial acumen, and are experts in strategic business planning and business growth consulting.
Orchard Growth Partners also provides extensive help to growing businesses that are seeking venture capital funding, or other types of small business fund raising. We have extensive connections with the business angel network and provide tailored help for growth businesses at all stages of the capital fund raising process. Our financial director services also assist owners with planning their business exit strategy and also prepare for initial public offerings. Orchard Growth Partners pride themselves upon providing the financial expertise to guide a business owner through the growing pains of business expansion, freeing them to concentrate on running their business.
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Orchard Growth Partners Ltd
Ash Mehta
0845 3700 303
www.orchardgrowth.com
Ash Mehta
0845 3700 303
www.orchardgrowth.com
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