Local businesses at the forefront of innovation could be missing out on thousands of pounds’ worth of tax relief and cash back from HMRC, according to Wakefield based Sanders Geeson.
Speaking at Wakefield Business Week 2016, the tax relief specialists, highlighted that many organisations spending money developing new services or products, were failing to claim Research and Development Tax Relief.
Appealing to businesses to find out more, Rachel Horner of SFB Sanders Geeson, commented: “Through the Research and Development Tax Relief there is a significant amount of funds available for businesses that are developing new ways of doing things – whether that’s through creating new products or services, but the challenge is that few people know about it.
“We know that investing in research and development can be costly, which can prevent entrepreneurs from taking their plans forward or halt progress part way through a project. But, it doesn’t have to be that way. Funds are available which could be a life-line for many businesses.
“As a district it is important that we keep innovating, but to do this we must take advantage of the financial support that is available, this includes the tax relief that has been set-up to help organisations to thrive.”
Targeting start-up and established businesses, the R&D Tax Relief can help generate funds in support of growth and future projects. The topic was one of many discussed during Wakefield Business Week 2016, which was established to promote global opportunities, job creation and growth.
The week-long celebration of business was organised by Wakefield first, Wakefield Bondholders, Wakefield Council and Mid Yorkshire Chamber of Commerce.