Liverpool accountancy firm Mitchell Charlesworth is urging companies in the Liverpool city region to see if they can benefit from R&D tax credits
Liverpool accountancy firm Mitchell Charlesworth helped businesses in the North West access more than £2.1m in research and development (R&D) tax credits in 2020.
Its says the average amount of R&D tax relief received by its clients was more than £40,000. Successful claims have been made across a wide variety of industries, including manufacturing, technology, construction and professional services.
Not all of these industries are offering high tech products or services or groundbreaking research. R&D tax relief is available across a wide range of business activities. Phil Hartley, tax manager and R&D specialist at Mitchell Charlesworth, said: “The claims that we have been able to support our clients with during the uncertainty that 2020 brought have been a significant boost when businesses needed it most.
“However, with the Brexit agreement now finalised and the current government keen to promote that the UK is open for business, R&D tax credits will play a crucial role throughout 2021 in demonstrating this position and assisting businesses to continue to innovate and grow.
“Having said this, overall awareness for the relief continues to be low and there are still a large amount of companies missing out on potentially tens of thousands in R&D tax credits due to the common misconception that they simply don’t qualify.
“If you are going to make any New Year’s resolutions, I would strongly urge you to put ‘Check if we qualify for R&D tax credits’ high up on the list.”