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Accountants help East Midlands businesses access over £2.9 million in R&D tax credits

Accountants help East Midlands businesses access over £2.9 million in R&D tax credits

Companies in the East Midlands have accessed more than £2.9 million in tax credits to support R&D with the help of Duncan & Toplis.

 

One of the region’s largest accounting and business advisers, Duncan & Toplis has helped companies across the region access tens of thousands of pounds through the HMRC’s Research and Development (R&D) tax credit initiative over the last year.

On average, around £87,000 in tax relief has been awarded to Duncan & Toplis clients, helping them to invest in the development of new products and services, create jobs and work on ambitious projects to improve their everyday business activities.

R&D tax reliefs support companies that work on innovative projects in science and technology. It can be claimed by a range of companies that seek to research or develop an advance in their field.

Duncan & Toplis has supported successful claims across sectors including manufacturing, engineering, construction, agriculture, food and drink, healthcare and IT, in line with the government’s guidelines.

Kevin Edwards, tax director and R&D specialist at Duncan & Toplis, said:

“The claims that we have been able to support our clients with during the last year have given a significant cash boost when businesses needed it most. As we look forward to a better year, R&D tax credits will play a crucial role throughout 2021 in helping businesses to continue to innovate and grow.

“Having said this, many business leaders aren’t aware that they may be able to access this kind of support for R&D, meaning they’re dissuaded from creating or innovating or they’re missing out from potentially tens of thousands of pounds in R&D tax credits because of misconceptions over their eligibility.

“Our R&D tax projects team has made a blistering start to 2021 with two new R&D claims being made in just the first week. If anyone is unsure about whether their company qualifies for R&D tax credits, then please get in touch for a free initial video call consultation on whether they can qualify for this valuable tax relief. Hopefully, we can help even more companies make important and exciting advances in the year ahead.”

R&D tax relief is available across a wide range of everyday business activities and is not limited to high tech solutions or ground-breaking research. Eligible R&D projects must seek to make an advance in science or technology in relation to a company’s current or potential trade, overcoming a level of uncertainty which could not be easily worked out by a professional in the field. For example, the project may research or develop a new process, product or service or appreciably improve on an existing one.

There are different types of R&D relief depending on the size of a company and if the project has been subcontracted. For example, eligible small and medium sizes enterprises (SMEs) could be able to make a total 230% deduction on their Corporation Tax return or claim a tax credit worth up to 14.5% of their company’s surrenderable losses.

For more information about Duncan & Toplis and its tax advisory services, visit www.duncantoplis.co.uk or www.gov.uk/guidance/corporation-tax-research-and-development-rd-relieff or more information on R&D tax credits from the gov.uk http://gov.uk website.


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