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Industrial Plant & Equipment: SMEs missing out on R&D tax relief

Date: August 21, 2017

Three quarters (77%) of small and medium-sized UK engineering firms have not heard of Research & Development (R&D) tax relief, according to the results of a new Censuswide survey of 500 senior managers and business owners published by specialist tax relief experts, Catax.

Even when senior managers and owners at smaller UK engineering firms have heard of R&D tax relief, more than a third (36%) believe it is restricted to specialist hi-tech science or drug companies.

But with 55% of survey respondents saying they have spent time and money ‘developing a new product or process over the past three years’ — the basic requirement for an R&D tax claim — Catax says the likelihood is that more than half of British engineering firms could be due a sizeable tax windfall.

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