Small Business News | SMEs miss R&D tax breaks

 

According to a recent report conducted by Deloitte, under half of UK small and medium sized companies surveyed are missing out on millions of pounds of tax relief, designed to encourage research and development.

 The report reveals that 24% of respondents were unaware that such tax breaks exist. Moreover out of the 45% of companies that were failing to claim the aforementioned tax breaks, 80% of those employ under 50 people which suggests that the scheme is failing to trickle down to those companies that may need it the most. Another point highlighted by Deloitte is that there was clear regional disparities between SME’s failing to cash in on the scheme. A healthy 55% of companies in areas such as London, Northern Ireland and Scotland were clued up to and utilising the tax break in comparison to less than 10% of SME’s based in the Midlands.  

For more information and to read the article in full, please visit the Silicon website.

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