Most eligible Business Owners Are Not Aware That They Can Claim R&D Tax Relief
According to recent statistics, 51% of British small business owners have never heard of Research & Development (R&D) tax relief. This is despite 57% of small business owners having developed a new product or implemented a new business process within the preceding two years.
Where business owners did know about R&D tax relief, it was found that most think that it is limited to certain sectors, such as specialist tech, or medical science such as pharmaceutical companies. The reality is that R&D tax relief can be claimed by companies of all sizes and from any sector.
Most small businesses are innovative, mainly because they need to be to stay competitive and relevant in the market. We’ve seen many of our clients benefit from R&D tax relief in various different sectors, from beauty, to construction, to breweries experimenting with a new pint.
What matters is the time and money spent on developing a new product or implementing a new process, even if it does not have a successful outcome.
As with any area of taxation, the process can be complex so seek specialist tax advice from an experienced accountant.
If you have any questions about an R&D tax claim or want to know if you’re eligible, please don’t hesitate to contact one of the team or read more here.