SECTOR FOCUS: LEGAL & FINANCE SECTOR FOCUS Top 40 advisory firm, Bishop Fleming, said


companies in the Westcountry are continuing to miss out on millions of pounds of research and development (R&D) tax credits. The R&D tax specialist said that there is


so much potential for innovative companies to be rewarded for their hard work. The firm says that even though there has been a 20% increase in companies claiming R&D tax credits across the UK, only eight per cent of total UK claims were made by companies in the Westcountry and the West Midlands respectively. Andrew Browne, Head of Tax at


THE LATEST NEWS FROM THE REGION’S LEADING SECTORS


Companies are missing out on R&D tax relief


Many companies simply don't think they are


eligible to claim, but that is a stubborn myth; the tax benefits are potentially there for all that are developing and improving their products, services or processes." The government has sought


‘Many companies simply don't think they are eligible to claim, but that is a stubborn myth’


Bishop Fleming, said: "The latest R&D statistics from the Government bring into clear focus the opportunities available to companies to save tax and receive tax credits." Mr Browne added: "Of the 26,255 claims made in


2015-16 across the country, totalling £2.9bn in tax breaks, only 2,040 claims were made by Westcountry companies, reaping the benefits of only £130m.


to make the R&D scheme more attractive through increases in the rates of relief, as well as the scrapping of a £10,000 deminimis limit on R&D expenditure before a claim could be made. Bishop Fleming secured over


£66m in R&D tax credits for businesses in the past year, having


secured over £200m in R&D relief over the past six years. Mr Browne said: "R&D applies to a wide range of


businesses, not just those who wear white coats in labs. It has taken over 17 years for companies to recognise the potential to save millions in tax from R&D tax credits, and we are helping hundreds of companies to grab that opportunity."


For more information visit: www.bishopfleming.co.uk


20 Chamber Profile November/December 2017


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