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Sector Focus


Successful year for PwC in the UK


Professional services firm PwC UK has reported revenue of £3.76bn for the year ending 30 June 2018, up five per cent from £3.60bn last year. The firm’s financial performance


is published in a fully digital annual report, ‘Leading in Changing Times: Working Together’, with detailed insight into the issues that matter, including diversity, purpose, societal contribution and strategy. Assurance revenues increased by


three per cent, consulting revenues were up by one per cent, deals grew strongly by a massive ten per cent, and the tax practice, which includes specialists in areas such as immigration, legal services and pensions, experienced growth of seven per cent. In addition, the Middle East


practice grew by 15.7 per cent. Matthew Hammond, chairman


for PwC in the Midlands and senior office partner for the Birmingham office, said: “In realising our ambition to be the leading professional services firm, we are changing how and where we work. “Our office transformation


programme is seeing us invest significantly in larger tech-enabled offices, including our future home here in Birmingham.”


Finance Sector Focus The latest news from the sectors that matter to business The benefits of R&D tax relief


New government statistics have revealed a massive 54 per cent increase in the amount of research and development (R&D) tax relief savings being claimed by West Midlands companies during 2016/17. This represents an increase of 28 per cent on the


previous year. During 2016/7, companies in the West Midlands submitted 3,340 claims for research and development tax credits, up from 2,165. The total amount of R&D support claimed rose to


£295m, an increase of £65m from the previous year. Introduced in 2000, the tax credits are designed to encourage greater R&D spending and innovation. They work by reducing a company’s tax bill by an additional amount depending on its allowable R&D expenditure. Since launch, UK businesses have submitted more than 240,000 claims, with £21.4bn claimed in tax relief. Over time, the rate of relief has become


more generous and is now worth up to 230 per cent for SMEs. This means that for each £100 of qualifying costs, the corporation tax paid by SMEs on income could be reduced by up to an additional £24.70.


Unfortunately, the good news is tempered by the


fact that many companies face a long wait for their tax relief to be processed, as HM Revenue and Customs (HMRC) is dealing with a huge backlog in claims. Sheetal Sanghvi, central region head of R&D at RSM,


said: “The continuing increase in both the quantum and number of claims being made is of course welcome news for businesses in the West Midlands. “However, it also brings into sharp focus the


operational pressure that HMRC face in processing and risk assessing these claims, ensuring the right companies make claims, but also that these claims are processed in a timely manner. “In the last 12 months, both through


R&D boost: Sheetal Sanghvi


practical experience as agents, but also through discussions with the senior leads within HMRC, our experience is that there has been a significant backlog in claims being processed. “We can only hope these figures serve as a prompt to re-commit greater resource to operationally managing the R&D schemes, which are a crucial support to innovative UK businesses.”


56 CHAMBERLINK November 2018


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