Clients Claim Almost £150k Thanks to R&D Tax Credits

Posted on: September 18th, 2017 by Tim Buringham

18 September 2017

Robinson Reed Layton have calculated that the firm’s work helped clients claim almost £150,000 from HMRC in 2016 alone due to Research and Development Tax Credits.

Steve Maggs, the firm’s Tax Partner, commented: “I’m delighted that our work helped our clients reclaim almost £150,000 in tax last year thanks to this relief, which is frequently underutilised.

“Our team of Chartered Tax Advisers is continually looking at how our clients can benefit from a range of reliefs, including R&D Tax Credits, which I believe is under claimed, particularly considering the amount of innovation that is taking place within Cornish businesses.”

The latest figures released by HMRC show that, for the tax year 2015/16, 1,750 SMEs in the South West made claims relating to R&D Tax Credits, which equated to £80m in relief being claimed in the region. Nationally, SME claims increased by 22%, with the value of all claims across the UK now exceeding £1.3bn.

Maggs explained that despite the increases, businesses are often unaware that they could be claiming this valuable relief stating: “We’ve helped businesses in a range of industries to claim R&D Tax Credits, from renewable energy to leisure. Too many businesses still miss out as they think of R&D as scientists in white coats in laboratories.

“The test is not whether you have qualified for the Nobel Prize – it is whether you were confronted with a problem that required you to invent or adapt existing technology to arrive at a new solution.”

 

Steve’s introductory guide to R&D Tax Credits is available to download here.

For further information on how we can assist your business with R&D Tax Credits, please contact Steve Maggs, on 01872 276116 or steve.maggs@rrlcornwall.co.uk.

 

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