Small firms miss out on ￡84 bn Government relief: 1.5m don’t know they can claim Research & Development Tax relief
Gary Johnson
Owner of FrontGuyGary Entertainment - Director @Nantwich Town Football Club
BRITAIN’s army of small businesses continue to miss out on more than ￡84 billion in tax credits for the research and development they carry out within their business
Recent research showed that of the 1.5 million British small to medium sized enterprises (SMEs) actively trading, are eligible for R&D relief. However, the same research found less than 5% of those have actually claimed their tax credits and if all did it could cost the Government ￡84.2billion
R&D tax credits are worth on average ￡53,000 to those that receive them and, with the challenges to business of the Covid -19 pandemic, this relief is providing an essential source of funding.
Most SMEs miss out on the relief because of a lack of understanding or the fact they are unaware that it even exists. unsure if you qualify? then, this short video may help. https://vimeo.com/413145998
Companies that spend time and or money developing new or appreciably improving product, process , systems/software, materials or devices could be eligible for the relief. For a further discussion without obligation, call me on +44 (0)7785 555515 or email [email protected]
Most small firms don’t even know they can claim state relief for R&D
Nationally selling artist. Inspired by animals, nature and conservation.
4 年Wow Gary, those are some serious figures that businesses are missing out on. I've undertaken a survey, so I know I'm not one of them (not that there was any doubt); but this is a huge helping hand that could be enormously beneficial for some small businesses.
Helping older clients to stay in their homes and provide for their families.
4 年I think that some may be aware of it but think that they dont qualify or that if they did their accountant would sort it, so rather than investigating they give up at the first hurdle, therefore it is a case of educating them which I think has to be word of mouth. It is a great pity that more accountants dont understand it properly so therefore dont recommend that their clients look into it,
First love property, second love football ????
4 年Wow! That’s crazy!! Great article, Gary!???? #RandD #TaxRelief #Relief
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4 年Amazing that so many businesses are still unaware of this tax benefit - great article Gary.
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4 年Great advice Gary