Just over three quarters of the UK’s engineering SMEs have not heard of R&D tax relief, according to the results of a new Censuswide survey of 500 senior managers and business owners published Catax.
Even when senior managers and owners at smaller UK engineering firms have heard of R&D tax relief, more than a third (36 per cent) believe it is restricted to specialist hi-tech science or drug companies.
But with 55 per cent of survey respondents saying they have spent time and money ‘developing a new product or process over the past three years’ — the basic requirement for an R&D tax claim — the likelihood is that more than half of British engineering firms could be due a sizeable tax windfall.
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