Value of North West R&D tax relief claims hits £130m
Research and development (R&D) tax relief claims have risen in the North West as more and more companies look to unlock funding to support their growth plans.
According to accountancy firm RSM, the number of R&D tax relief claims in the region leapt by 15%.
The company, which has regional offices in Manchester, Preston, Liverpool and Chester, said the value of claims has likewise risen, growing by 24% to £130m for the 2014-15 tax year.
Despite the increase in R&D claims figures however, the North West still accounts for just 10% of the claims made in the UK.
RSM’s Manchester-based tax partner, Colin Smyth, said: “Accessing funding remains a key priority for many businesses across the North West, which shows in the uplift of claims across the region.
“However, due to the level of economic output and innovation in the region, we would expect to see much higher volumes of claims, but the relatively low statistics highlight that many North West businesses could be missing out.”
He added: “This reflects our experience as many businesses are unaware they qualify for tax relief and some perceive the process as onerous so are reluctant to make a claim.“
Speaking further, Colin said that as the criteria for relief span “a broad range of activities”, businesses from all sectors could benefit.
Richard Bell
BDaily North West
3rd January 2017
