A new CBI survey, published in February 2009, highlights the benefits UK companies make from claiming the R&D tax credit, and the progress made by HMRC in the services it provides businesses.
MIA member Rawlinson & Hunter, experts in R&D Tax credits in motorsport, said....
“This survey shows that SMEs continue to fail to claim R&D tax credits. Many still feel it is difficult and onerous to claim the R&D tax credit – yet following various changes within HMRC, claim handling has, in reality, significantly improved.
We urge all MIA members that are not claiming R&D tax credits to immediately talk to their accountants and tax advisers to establish exactly what financial benefits they are missing – these are now able to be calculated by their advisers, very simply. This rough estimate can then quickly be used to determine whether it is worth submitting a claim with their corporation tax computations.
Rawlinson & Hunter would be pleased to help any members who have questions – contact the MIA in the first instance on firstname.lastname@example.org”
“The MIA offers this FREE advice service to all UK motorsport companies on how to claim their R&D Tax credit. This scheme has been of significant benefit, adding real value to the UK industry in recent years”, says MIA CEO, Chris Aylett. “ We continually encourage all members to check out the relevance to their own business, at no cost. Far too many are missing out on real credits, at a vital time”
Among the key findings, the CBI survey records that cost savings delivered by the tax credit, have doubled over the last three years. However, the survey highlights a number of areas where the tax credit can be improved, including a reduction in the cost of making a claim. The MIA, as a member of the CBI, continues to support its calls on the government to commit to the future of the R&D Tax credit.