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Deloitte backs NW manufacturing and technology R&D

Manufacturing and TMT (technology, media and telecoms) companies now account for 40% of all North West projects for advisory firm Deloitte.

Deloitte offers research and development (R&D) advice to aerospace, automotive and chemical firms, which make up 21% of its business, and gives support to TMT firms which account for around 20% of North West projects.

Research in the energy sector is also blossoming in the region, while financial services makes up 16% of North West R&D, and business and professional services account for 13%, which includes engineers and other service providers.

Steve Blacker, director of R&D tax services at Deloitte in the North West, said: “We are privileged to work in an area like the North West, which has a proud history of innovation and hundreds of businesses that are dedicated to research and development.

“Our job is to ensure that they take full advantage of the incentives out there for them. R&D is a huge investment for any business and can take months or often even years to pay off.

“Unfortunately we find that many companies are not fully aware of all the aspects of R&D investment that they can claim against.”

SMEs are able to claim corporation tax deductions that match up to 200% of money spent on R&D each year, and Deloitte is working to advise firms to take full advantage of R&D tax credits.

Mr Blacker added: “R&D tax relief is there to help ensure the UK remains a world-leader in innovation and so it is vital that businesses are advised well on how to claim it.”

This was posted in Bdaily's Members' News section by Miranda Dobson .