Hull and East Yorkshire has a strong tradition for entrepreneurship and as a result, many industry sectors in the region are thriving. In addition the recent investments in the renewables, energy and digital sectors, the region has a strong presence in many other industries such as shipping/freight, manufacturing, communications, food/drink and agriculture.
It is therefore surprising that so few businesses are benefiting from R&D tax credits. In 2016, of the 419,000 SME’s in Yorkshire/Humberside, only 1500 were claiming and of those, only 130 were from Hull and East Yorkshire.
Even for those making a claim, the average tax benefit they were achieving was below the Yorkshire region average of £40,000.
The low level of SME’s claiming, and the lower average R&D Tax Credits claim size, reinforces our recent experience that there are still a significant number of eligible businesses locally that aren’t claiming and those that do are often missing out elements of eligible expenditure, leading to lower claim levels.
Over the last couple of weeks, we’ve met several local businesses in various sectors that after an initial, no obligation meeting have engaged us to make R&D Tax Credit claims on their behalf. All these companies have missed out on significant funds by not making claims previously. In each case, the successful claims are likely to generate funds that can be re-invested in their business.
With an office in Hull, we’re keen to ensure local businesses benefit from the R&D tax credits scheme. As well as working directly with businesses, we often work with accountants and professional bodies to help them ensure their clients get the R&D Tax credits they deserve.
If you are an Accountant, or other professional services firm, and have clients that make products, hard or soft, but you don’t understand the technicalities of what your clients do, get in touch and we can work with you under our partnership programme to make sure your clients get the R&D Tax Credits they deserve.
If you feel you or your clients would benefit from a no obligation R&D assessment by our technical team, please take a look at our R&D Tax Credit Page or Contact TEQ Group today on 01423 815299 and we’ll get kick-start your R&D Tax Credit claim.
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