Aircraft Interiors International: UK engineering firms are wasting millions due to a tax blind spot

Date: June 20, 2018

More than 8 in 10 engineering firms in the UK could be eligible for research and development (R&D) tax relief on new products and services, but only 39% of them have ever claimed. Businesses in the sector are throwing away millions of pounds, even though a massive 83% of them have developed new products or business processes in the past two years, research shows.

This means they are in line for valuable R&D tax relief that the government provides to encourage innovation. But despite 80% of firms being aware of R&D tax relief, only 39% report ever claiming it. This is either because they don’t think they qualify or they incorrectly believe that it is expensive.

Read more here.

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