Sunday Express: Small firms miss £84bn tax cashback: 1.9m don’t know they can claim state relief

Date: December 11, 2017

BRITAIN’s army of small businesses are unwittingly missing out on more than £84billion in tax credits for the research and development they carry out, according to consultant Catax.

The tax specialist’s research showed that of the 3.5 million British small to medium sized enterprises (SMEs) actively trading, around 57 per cent or 1.9 million are eligible for R&D relief.

However, it found only 1 per cent of those have actually claimed their tax credits.

Catax says that as the tax credits are worth on average £43,000 to those that receive them, it calculates that if all the SMEs eligible claimed, it would cost the Government £84.2billion.

It believes most SMEs miss out on the relief because they are unaware it even exists.

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