Tax credits boost for West Midlands businesses
New HMRC unit should make it easier to claim R&D credits
Mid-tier firm Grant Thornton
has welcomed the establishment of a specialist unit in Leicester by HM Revenue
& Customs to deal with R&D tax credit claims.
The unit is one of seven set up in the UK.
Specialists from Grant Thornton’s Birmingham officed claimed the unit would
make it easier for businesses in the West
Midlands to claim research and development tax credits.
The units are staffed by tax officers specially trained in handling R&D
tax credit claims.
‘The West Midlands is the home to a lot of innovation – just look at the
eight science parks in the region,’ said Chris Pedley, corporate tax partner at
Grant Thornton.
Pedley said though, that despite positive developments not enough businesses
are taking advantage of R&D tax credits.
‘The tax credits are not new but few claim it. We are advising our clients to
make the most of these new units and use the tax credit to put R&D at the
heart of their business,’ he added.
Further reading:
Reformed tax credit system to cost HMRC £2.5bn
High taxes forcing companies abroad