HMRC have released statistics demonstrating the 688% increase in R&D Tax claims from companies based in the West Midlands over the last 7 years, expressandstar.com reports.
The latest statistics have found that the West Midlands region is accountable for up to 9% of the total number of claims across the whole of the UK, made in the financial year of 2016-2017.
Around £110m in tax rebates has been paid out to SMEs alone in this area and there are still hundreds of businesses in this region that haven’t claimed their entitlement due to the common misconception that they simply do not qualify.
One of the strongest focus industries in R&D Tax claims is the Manufacturing Industry, with 25% of all R&D claims being made here.
Although thousands of business owners across the UK feel that they do not qualify for R&D Tax claims eligibility, it is commonly overlooked that the R&D Tax initiative is an incentive, set up by HMRC to improve productivity and encourage innovation within the UK. Because of this, qualification doesn’t mean having to reinvent the wheel, it’s as simple as filling a gap in your industry.
The R&D Tax incentive has been in play since 2000 and in that time, over 240,000 R&D Tax claims have been made and £21.4 billion and counting has been rewarded to everyday businesses in the form of tax relief, spanning across a variety of sectors.
We are an R&D tax specialist company, our methodology and practices are recognised by HMRC. We pride ourselves on not taking more than 3 hours of your time from start to completion, on a no win no fee basis. A huge portion of UK Limited companies are eligible to claim but unfortunately, around 95% of those eligible are missing out due to not having the facilities to make the claim or believing they aren’t.
Many companies are also claiming but missing out on the full potential of their R&D activity. Our R&D Tax Consultants are experts in this area of taxation and know exactly where to look to uncover every penny of R&D expenditure, maximising your claim.
Click here to find out more about R&D Tax Credits Qualification.
Click here to Book an Obligation-Free Consultation to find out if you’re eligible.