South West Business: More than half of Bristol companies failing to claim research and development tax relief

Date: February 25, 2019

Swathes of companies in Bristol are failing to claim tax relief for research and development (R&D).

More than seven in 10 companies in the city could be eligible but less than a third of firms have ever claimed, tax relief specialists Catax has revealed.

Businesses in Bristol are missing out on millions of pounds even though 76 per cent of them have developed new products or business processes in the last two years, spending an average of £208,868 on innovations.

This means these companies are in line for  R&D tax relief that the government provides to encourage innovation.

But only 31 per cent of all the Bristol firms report ever having claimed.

And 39 per cent of businesses in the city do not realise they can claim tax relief if they develop a new product or service, according to the survey.

The average value of an R&D tax relief claim in the first year is £49,000 for firms in all sectors nationwide.

Read more here

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