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Machinery Online: Engineering firms losing out on millions of pounds of 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, a survey has found.

And, 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.

The findings come from a Censuswide survey of 500 senior managers and business owners by specialist tax relief experts Catax.

Additional findings show that 55% of respondents say they have spent time and money ‘developing a new product or process over the past three years’ meaning that the likelihood is that more than half of British engineering firms could be due a sizeable tax windfall, Catax says.

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