Despite the fact that the vast majority of transport businesses are edible for Research & Development (R&D) Tax Relief, just a quarter are even aware it exists.
According to recent findings, 79 per cent of businesses are wasting this valuable government incentive which encourages innovation by giving money back to companies who actively undertake the development of new products and business processes.
The survey shows that transport executives underestimate the value of the average SME R&D Tax Relief claim by £24,955.
“Only a minority of transport firms are aware that the relief exists and this has to change if British technology and industry is going to fulfil its full potential,” a spokesperson for the report says.
“That’s why it’s important to recognise that R&D is not all about lab coats and multi-national companies, and the R&D doesn’t even have to have been successful to qualify.
“Cost benefit doesn’t come into it either because most good R&D Tax Relief firms will work on a commission basis.”
At Beavis Morgan, our specialist team of tax and engineering professionals has made many successful claims on behalf of our clients across a variety of sectors. Click here to view our recent wins for our clients (Spring 2019 update).
The reliefs can be extremely beneficial for those engaged in qualifying R&D, and we can help your company maximise the benefits of the reliefs by:
- Determining whether you are a qualifying company
- Helping you to assess whether any of your activities qualify
- Reviewing your activities to make sure you claim all that you are entitled to
- Working closely with you to prepare and submit your claim to HM Revenue & Customs
For further information or to arrange for a no obligation preliminary meeting on how your company could qualify under the R&D Scheme, please contact Steve Govey or your usual Beavis Morgan Partner.
Further reading:
R&D Tax Relief – Why thousands of businesses are missing out
R&D Tax Relief for SMEs – A user guide