SME NewsBusinesses Could Lose Out On R&D Tax Credits
Careless businesses could lose out on R&D tax credits.
Accountancy firm KPMG is warning that UK businesses could lose out on two thirds of their potential research and development tax credit claims, if they don’t ready themselves for changes to the regime due to take place at the end of March 2008.
Time limits on claim periods reduce from six years to two on 31 March 2008. A business missing this deadline could miss out on four years worth of claims.
Businesses could also be missing out because they don’t realise that some of their activities can fallen within the scope of the definition of ‘R&D.
As David O’Keefe at KPMG says:
When people think of R&D they often think of pharmaceutical companies and the classic ‘men in white coats’. In fact the definition is much broader than many people realise. The range of companies that can claim the relief is wide and includes supermarkets, food manufacturers, insurance companies, banks, airlines and engineering services companies.
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The new CBI R&D tax credit survey was published yesterday and of the results, the most astonishing was that less than 10% of claimants were fully satisfied with the cost of claiming. See http://research-and-development-tax-credits.com/r-and-d-tax-credit-news/79-cost-of-claiming-r-and-d-tax-relief.html for more information.