Accounting Firms

Moore reveals increase in R&D claims

Moore East Midlands has revealed it has helped local businesses recover almost £2.5m in tax savings on R&D claims, as business seek out new ways to improve their cash flow

Moore East Midlands has revealed it has helped local businesses recover almost £2.5m in tax savings on research and development (R&D) spending from January 2019 to June 2021.

R&D tax relief is designed to encourage innovation and increased spending on R&D activities by UK businesses. It is available to any business which is liable for corporation tax and undertakes research and development activities such as creating or modifying new or existing products, processes, or services.

Over recent years, R&D claims have increased significantly as businesses are seeking out ways to save and improve their cash flow.

Tim Woodgates, associate at Moore East Midlands, Corby office, said. “We have assisted clients to identify and claim enhanced tax relief on £73m+ of R&D costs.A popular misconception is that R&D tax relief is aimed purely at medical and pharmaceutical companies. 

“Because of this, R&D tax relief is often overlooked by smaller businesses who assume that they won’t qualify. This is not the case, as long as your project seeks to achieve an advance in science or technology then there can be major tax savings available.”

Back to top button