8 August 2017

SMEs urged to consider R&D tax credits

The Sunday Times recently reported that small companies are failing to claim significant savings from every day activities they involve themselves in to meet customer demands. It reported that:

A lack of awareness and daunting jargon means many SMEs are missing out on potentially thousands of pounds in R&D tax credits. Introduced in 2000, the credits enable businesses to reclaim up to 33p for every £1 spent on "advances in science and technology". In the 2014-15 tax year, £2.5bn of R&D tax relief was claimed, with SMEs accounting for £1bn - up from £325m the previous year. However, a recent survey reveals only 5% of small businesses have used R&D tax credits, compared with 50% of large companies.

The BPIF has an arrangement with Abbey Tax who are specialists in R&D Tax credit claims and have considerable experience in the printing industry saving nearly £400,000 for members since 2014.

It's a common misconception that to claim R&D Tax credits you need a laboratory and men in white coats, when in reality the printing industry is constantly evolving its products and processes to meet customer demands and much of this activity could be eligible for tax relief.

The following areas in printing could easily fit the definition.
•A new and improved print process
•Improvements in ink technology
•Technical innovation in laminating or adhesive processes
•Incorporating printing processes onto new and untried materials or surfaces
•Software development to create innovative production processes

If you feel any of your expenditure may qualify it only takes a phone call from Abbey Tax to confirm whether you have a claim and if so they will visit and take you through the process on a no win no fee basis. In the first instance please call Steve Walker at the BPIF on 01676 526050 or email [email protected]

Source: https://www.thetimes.co.uk/article/tax-credits-cut-the-bill-for-research-gnthmhb3d