Research carried out by tax relief specialist Catax suggests around £84bn in R&D tax relief available to SMEs remains unclaimed.
Research carried out by tax relief specialist Catax suggests around £84bn in R&D tax relief available to SMEs remains unclaimed.
This figure is based on around 3.5m small businesses actively trading in the UK, of which around 57% are eligible for R&D relief under the SME scheme. However, only around 1% of these businesses have claimed the relief. According to Catax, the average claim for R&D tax relief amounts to £43,000.
Catax chief executive, Mark Tighe, believes the government should do more to promote and explain what qualifies as R&D.
‘Most don’t realise it’s not just a new jet engine, but a new beer, a piece of software, an engineering process or even a new innovative dish at a restaurant,’ Tighe said.
Research carried out by tax relief specialist Catax suggests around £84bn in R&D tax relief available to SMEs remains unclaimed.
Research carried out by tax relief specialist Catax suggests around £84bn in R&D tax relief available to SMEs remains unclaimed.
This figure is based on around 3.5m small businesses actively trading in the UK, of which around 57% are eligible for R&D relief under the SME scheme. However, only around 1% of these businesses have claimed the relief. According to Catax, the average claim for R&D tax relief amounts to £43,000.
Catax chief executive, Mark Tighe, believes the government should do more to promote and explain what qualifies as R&D.
‘Most don’t realise it’s not just a new jet engine, but a new beer, a piece of software, an engineering process or even a new innovative dish at a restaurant,’ Tighe said.
