North West SMEs encouraged to benefit from R&D tax relief initiative
From its new Warrington offices R&D Tax Claims (North) Limited is encouraging SMEs located in the North to take advantage of the Government's Research and Development Tax Claim initiative. Recent figures issued by HMRC illustrate a 30% increase in claims by SMEs over the previous year's (2011/12) figures indicating that the North West reclaimed £50m from 1,350 claims.
Headquartered in the West Midlands, R&D Tax Claims Ltd has a growing client base in the North which it is now able to support locally from its newly opened Warrington office. The R&D Tax Claims Team consists of consultants, with manufacturing and engineering backgrounds, who are able to focus solely on R&D tax relief for SME clients and provide them with a smooth route through the R&D Tax Claim process.
Mark Evans, Managing Director of R&D Tax Claims Ltd, believes the HMRC figures, from a North West position, are just scratching the surface. "Based on 12 UK regions, the North West had the second highest claims behind the South East [including London region]. Although encouraging, I believe related to the number of manufacturing businesses in the region it could be higher. From our experience we are well aware of many SMEs still being cautious about taking the initiative anywhere beyond an end of year discussion with the accountant."
"Perceptions exist which cause hesitation to proceed including the time required to complete the process and, potentially the biggest myth of all, the risk that HMRC enquiries create unnecessary difficulties. In reclaiming over £16M for UK companies since the initiative was introduced and with 100% success rate I can verify that providing the process is understood then it's very straight-forward. The figures in this report show that HMRC clearly wants and encourages SMEs to take the initiative."
Mark Evans, Managing Director, R&D Tax Claims Limited
Issue date: November 2014
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Notes to editors:
R&D Tax Claims (North) Limited, based in Warrington, was set up in late 2014 to provide matchless and bespoke R&D tax expertise to UK SMEs located in the North of the UK. This follows the success of its parent company, R&D Tax Claims Limited, which was set up in 2012 and is located in the West Midlands.
R&D Tax Claims Limited assists SMEs to claim back extra tax relief against funds committed to process and product development. The Government-backed R&D reclaim initiative can be applicable to a wide area of activities carried out by businesses on a day to day basis.
The R&D Tax Claim Team works with businesses to help them identify elements that are quantifiable as R&D. Since 2009 the Team has been responsible for securing claims in excess of £16m for SMEs and has a 100% success rate.