Accountants help East Midlands businesses access over £2.9 million in R&D tax credits

Companies in the East Midlands have accessed more than £2.9 million in tax credits to support R&D with the help of Duncan & Toplis.

One of the region’s largest accounting and business advisers, Duncan & Toplis has helped companies across the region access tens of thousands of pounds through the HMRC’s Research and Development (R&D) tax credit initiative over the last year.

On average, around £87,000 in tax relief has been awarded to Duncan & Toplis clients, helping them to invest in the development of new products and services, create jobs and work on ambitious projects to improve their everyday business activities.

R&D tax reliefs support companies that work on innovative projects in science and technology. It can be claimed by a range of companies that seek to research or develop an advance in their field.

Duncan & Toplis has supported successful claims across sectors including manufacturing, engineering, construction, agriculture, food and drink, healthcare and IT, in line with the government’s guidelines

R&D tax relief is available across a wide range of everyday business activities and is not limited to high tech solutions or ground-breaking research. Eligible R&D projects must seek to make an advance in science or technology in relation to a company’s current or potential trade, overcoming a level of uncertainty which could not be easily worked out by a professional in the field. For example, the project may research or develop a new process, product or service or appreciably improve on an existing one.

There are different types of R&D relief depending on the size of a company and if the project has been subcontracted. For example, eligible small and medium sizes enterprises (SMEs) could be able to make a total 230% deduction on their Corporation Tax return or claim a tax credit worth up to 14.5% of their company’s surrenderable losses.

For more information about Duncan & Toplis and its tax advisory services, visit www.duncantoplis.co.uk or, click here for more information on R&D tax credits from the gov.uk website.