MayBE, MayBE not
‘Will BE Studios, the company slated by a High Court judge for its “grossly exaggerated” R&D tax credit claims, be able to pay the money back to HMRC?’ experts are asking. BE was paid £150,000 in R&D tax credits, erroneously, according to a High Court judge.
BE says the question is ‘academic’ since it deserved the credits and can prove it if necessary.
TS’s curiosity remains active.
BE’s accounts for 2003, the latest available, reveal turnover of £30,000, payments to directors of £10,000 and profits after tax (credits) of £2,702. BE also has outstanding loans of several hundred thousand pounds.
The company’s R&D credits would have been better spent on genetically engineering a goose to lay a golden egg. We’ll leave you to make up your own mind.