Many small and medium-sized Leeds businesses are failing to claim R&D tax relief because they don’t know anything about it.
There is a lack of awareness regarding the subject and a lack of publicity by government departments such as HMRC.
There is also a perception that R&D tax relief is only for hi-tech companies working in the field of science and technology. Companies therefore ‘self eliminate’ because of a negative perception that its not for them.
There is also a misconception that claiming R&D tax relief is time consuming and expensive. Most law and accountancy practices will have R&D tax specialists. They will typically only take a commission from a successful claim. Their in-house experts will handle your R&D tax relief case from start to finish which makes the process super easy.
Every sector that is innovating can make a claim:
- claims from restaurants developing new dishes
- manufacturers coming up with more efficient ways to produce new products
- an engineering firm developing a new flood defense barrier system
All that matters is time or money has been spent on:
- a new product
- a new process
- a new service
SMEs in every sector have a need to innovate to remain competitive and relevant. R&D tax relief is there to be claimed and we recommend seeking out a local Leeds law firm or accountancy practice for the best results.
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