Academic journal article Manager

Are You Missing out on R&D Tax Credits?

Academic journal article Manager

Are You Missing out on R&D Tax Credits?

Article excerpt

UK companies that are eligible for research and development tax credits are missing out by not claiming financial help. Research and development (R & D) tax credits are a company tax relief which can be used to reduce a tax bill or provide a cash sum for businesses. The aim of the allowances is to encourage greater R&D spending to promote innovation although many managers are not taking advantage of this support

Simon Kite, partner at chartered accountants Saffery Champness, believes that in these challenging times, managers are missing out on an opportunity to benefit from these tax credits, which allow companies to deduct up to 1 75% of R & D expenditure. He believes that one main reason for this is that they don't believe they are eligible. He says, "Companies need to check their eligibility to ensure they don't miss out Research and development tax credits bring forward cash flow and are available for SMEs and others. Companies may not realise they are eligible for tax credits, even if their research fails. …

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