The companies can be awarded grant funding from the European Regional Development Fund (ERDF), as well as Local Authority funding. Additionally, companies are working towards securing funding from shareholders and other private investment in order to expand their operations.
The government offers a number of tax incentives for companies producing energy from renewable sources, in order to promote sustainability. Our tax experts can assess capital expenditure which may be eligible for first year allowances, mineral extraction allowances and other forms of capital allowance.
Many small companies in receipt of significant government grant funding may find that they require an audit as a condition of receiving such funding. Our team is able to support the audit process, using experience across a multitude of sectors, in order to make meaningful recommendations on improvement to internal controls and processes.
Geothermal energy production refers to the production of electricity using the internal heat of the Earth’s crust to use steam to turn a generator.
If managed appropriately, geothermal is a renewable and sustainable form of energy and holds great potential for future development. This is a relatively untapped resource in the UK, so offers an opportunity of expansion for the renewables sector.
Another element of the renewable energy sector which we have direct experience in is wind turbine electricity production.
We have assisted a number of companies with the audit of their financial statements, preparation of tax computations including a review of capital allowance claims, sale of assets and sale of business.