Engineering innovation and creativity is stifled by poor awareness of research and development (R&D) tax relief, a company has claimed.
More than three quarters of small and medium-sized engineering firms have not heard of R&D tax relief, according to a new survey by tax relief experts Catax. The poll, which surveyed 500 senior managers and owners, also found 36% thought relief is only available for high-tech science or drug companies.
The government credits are available for any business that has developed a new product or process in the last three years, while seeking to achieve “an advance in overall knowledge or capability in a field of science or technology, through resolution of scientific or technological uncertainty”.
Tax credits provided £2.45 billion of relief to almost 21,000 companies in 2014-15, HMRC said, supporting about £21.8 billion of expenditure. There was also an increase of about 2,500 more small companies claiming relief.
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