Three quarters of small and medium-sized British firms in the food manufacturing industry are likely to be eligible for Research & Development (R&D) tax relief, according to the results of a new Censuswide survey.
The report surveyed 500 senior managers and business owners and was published by specialist tax relief experts, Catax.
According to the survey, 74% of senior managers and business owners at smaller UK food manufacturing firms say they have spent time and money ‘developing a new product or business process over the past three years’, which according to Catax is the “basic requirement for an R&D tax claim”.
However, more than a third (36%) of senior managers and business owners at smaller UK food manufacturing firms have never even heard of R&D tax relief.
Of those who have, one in three (34%) incorrectly believe it is restricted to specialist hi-tech science or pharmaceutical companies.
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