R&D tax credits available to Midlands firms

MIDLANDS firms could be missing out on cash they are entitled to, according to a senior Birmingham accountant.

Paul Fenner, a partner at Chantrey Vellacott DFK, said companies across the region may not be aware that they could be entitled to claim thousands of pounds of research and development tax credits back from HM Revenue & Customs (HMRC).

A software company based in Oxford managed to claim back as much as £750,000 after learning about the under-utlised tax relief following a seminar held by the top 25 accountancy practice.

Mr Fenner said he was urging companies actively involved in R&D schemes to find out if they were eligible for tax relief.

“Research and development tax credits are unusual as they can provide taxpayers with the opportunity to claim more in tax relief from HMRC than they have actually paid in tax,” said Mr Fenner.

“We have already made successful claims for additional tax refunds and savings for a number of our clients which run into millions of pounds.

“These have been for firms in a mix of sectors, from traditional manufacturing companies to businesses in the bio-tech, pharmaceutical and software development trade and I strongly urge companies to investigate if they could be missing out before it is too late.”  

He will be offering further information at a breakfast seminar at The Priory Rooms in Bull Street, Birmingham, on Thursday, March 4 at 8.45am.

Steven Levine, who heads Chantrey Vellacott DFK’s R&D unit, will be the guest speaker at the seminar.

He said: “Many firms are completely unaware that they can generate cash through this form of tax relief and also that there is a two year time limit to claim the money back.

“Indeed a software firm which attended one of our last seminars has since claimed back £750,000 it would have missed out on as they had never even contemplated making a claim before.”

Places on the seminar can be booked by contacting Mr Fenner on 0121 454 4141.