A large percentage of UK manufacturers are not taking advantage of research and development (R&D) tax credits, despite government support totalling £2 billion a year.
New statistics show that only 59 per cent of manufacturers questioned have claimed R&D tax credits and just 39 per cent felt very confident that they could access R&D credits or business grants. What’s more, 11 per cent of the companies surveyed said they felt uncertain about their company’s eligibility.
So why are many businesses not claiming R&D tax relief?
- Our accountant says we don’t qualify – That’s because they don’t understand it themselves and don’t want to look unknowledgeable
- I don’t work in a laboratory, so my work isn’t relevant for R&D tax credits – The majority of our claims are for some form of software development, but can encompass an enormous range of activities
- It’s too complicated to bother – At Beavis Morgan, we have a proven methodology, accepted by HMRC. We can often obtain a repayment within 6 or 8 weeks of our first meeting. Our recent best was 31 days!
- I don’t want to risk the expense of applying – Our fees are usually fully contingent on success
R&D tax credits have proved to be a major boost to British business and, with Brexit looming, it is more important than ever that companies seek ways to unlock cash from innovation to help fund research and development into the ongoing enhancement of existing products and services.
Does your business undertake research and development?
Many businesses incur costs which are not separately identified as research, because they feel it’s ‘just what we do’. There are however additional tax deductions for qualifying research and development expenditure and, whilst the rules can be complex, we have a team of experts who can maximise the value of any potential claim.
Speak to us today to set the benefits in motion. Our proven methodology offers a painless approach towards obtaining R&D tax credits.
Contact Steve Govey or your usual Beavis Morgan Partner for further information about how we can assist you and your business.