Member Article

Champion Accountants help secure £3.45m of R&D tax relief for SMEs

Manchester-based advisory firm, Champion Accountants has helped the region’s SMEs to claim more than £3.45m in R&D relief over the last six months.

As part of the Government’s drive to boost innovation, businesses that invest in the research and development of new products and processes will receive a tax deduction on qualifying R&D expenditure, including staff wages, materials, overheads, software and utility bills, as well as the ability to claim cash back from HMRC.

Any loss-making SMEs that are yet to make a profit can claim cash payments at a rate of 14.5% equivalent to £32.62 for every £100 spent on R&D.

Head of R&D at Champion Accountants, Danny Evans (pictured right) said: “With awareness of R&D on the rise, it is still massively under claimed.

“Businesses have a huge misconception that you must wear a lab coat and develop pharmaceuticals to qualify, when in fact; it benefits any company that makes advancements in science or technology.

“Re-investing the money claimed will provide a huge boost to the region’s economy, where creative and manufacturing excellence continues to dominate.”

This was posted in Bdaily's Members' News section by Sophia Taha .