Accountants Help Clients Claim Almost £150k Thanks to R&D Tax Credits
Robinson Reed Layton, the independent firm of Chartered Accountants and Chartered Tax Advisers based in Cornwall, have calculated that their work helped clients claim almost £150,000 from HMRC in 2016 alone due to Research and Development Tax Credits.
Steve Maggs, Robinson Reed Layton’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.”
For further information on how Robinson Reed Layton can assist your business with R&D Tax Credits, please visit their website http://www.rrlcornwall.co.uk/