Specialist tax relief firm, Catax, has opened a new Scottish office in Edinburgh.
The new satellite office will be used as a base for operations north of the border as the Manchester-headquartered company embarks on its ambitious growth strategy to treble in size by 2021.
The move comes as innovation in Scotland increases rapidly with businesses spending more on research and development. Latest figures show year-on-year growth of 4.5% to £1.07bn. Earlier this month, it was reported that the number of new software companies being created in Scotland rose by 77% in the past year.
In Catax’s experience 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.
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.
Already this year Catax has acquired London-based R&D tax credit consultancy Fast Track for £2.5million and boosted its senior team with the appointment of Paul Johnson as Group Managing Director and Alex Lundy as Operations Director.
Catax CEO, Mark Tighe, commented:
“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.
“Just because the new office is based in Edinburgh doesn’t mean we’re only focusing on the capital. Quite the opposite. 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.”
Ian Cruickshank, Head of Catax’s Scotland office, added:
“With R&D on the up in Scotland, this really is an exciting time to be expanding Catax’s operations north of the border.
“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.”