One of the UK’s leading authorities on corporate tax matters has joined the advisory board of Ashford-based tax and innovation specialists, Breakthrough Group.
Margaret Connolly MA, FCA, CTA is a Fellow Chartered Accountant and a Chartered Tax Advisor who trained at Coopers & Lybrand in London.
She went on to become Head of UK Taxation for Unilever plc, Senior Tax Manager at both Deloittes and KPMG, and a Partner and Head of Taxation Services at a top 30 firm of UK accountants.
Having set up her own specialist tax consultancy in 2015, Margaret has joined Breakthrough Group as a strategic advisor on their R&D tax relief work. As an expert on owner-managed businesses, Margaret makes a valuable addition to Breakthrough Group, which works with innovative SMEs to ensure they receive all the support to which they are entitled.
Margaret was among the very first accountants/tax advisors to file an R&D tax credit claim when the scheme was introduced in 2000 and is a passionate supporter of innovation investment. So, she is delighted to have joined Breakthrough Group, which has been shortlisted for both Best New Tax Practice and Best Independent Consultancy Firm in this year’s prestigious Tolley’s Taxation Awards.
“The Breakthrough Funding team really know the R&D tax credit scheme inside-out and I think the company is helping to restore public confidence in the UK tax system,” Margaret said. “By working to raise the profile of the still under-used R&D tax credits, we can ensure that no innovative businesses miss out on the Government help that they so richly deserve.”
Breakthrough Group is a social impact company that aims to champion and promote innovation in UK industry. Founded in 2015, the company’s revenue-generating arm Breakthrough Funding has helped clients claim over £40million in cash or tax relief via the Government’s R&D tax credits scheme. As the UK strives to sharpen its competitive edge in tough global markets, this work has made a significant contribution to the future of British innovation.
“When the scheme was first brought in, the tax relief was 150% of qualifying expenditure, but it has now risen to 230% for SMEs,” Margaret said. “The definition of an SME has also changed and become more inclusive. Clearly, this has happened because the Government wants more businesses to take advantage of this relief.”
Breakthrough Group’s CEO and founder Sue Nelson said: “We have always had the utmost respect for Margaret’s experience and knowledge. She’s truly inspirational and has a professional tax background that’s almost impossible to beat! We’re so pleased to have her on our board and this adds even more depth to our in-house tax knowledge.”
More information about Breakthrough Group can be found on the website www.breakthroughgroup.co.uk