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Glass Times: Millions Wasted Thanks to R&D Blind Spot

Date: July 2, 2018

More than eight in 10 engineering and building firms could be eligible for research and development (R&D) tax relief on new products and services but only 39% of them have ever claimed, specialist tax relief firm Catax has revealed.

Businesses in the sector are throwing away £millions 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 four in 10 (39%) report ever claiming it, the Catax study shows. 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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