A regional accountancy firm has helped to save its clients nearly £1 million in corporation tax as a result of R&D tax relief claims.
Burgis & Bullock, which has offices in Leamington, Nuneaton, Rugby and Stratford-upon-Avon, has saved clients £950,000 in corporation tax during the pandemic.
The firm’s specialist tax department has helped businesses across a wide range of industries, including engineering and IT, to benefit from R&D tax relief since the end of 2019.
Its largest single claim amounted to a near £250,000 of tax saving, with each of the next five largest claims averaging more than £55,000 of cash tax benefit.
The £250,000 tax saving came for a company working in providing IT solutions and services to large corporate manufacturers in the automotive and aerospace industries.
R&D tax relief supports companies that work on innovative projects in science and technology and meet the Government’s definition of R&D.
Criteria includes looking for an advance in science and technology, overcoming uncertainty or that the project could not be easily worked out by a professional in the field.
Anne Rose, Head of Tax at Burgis & Bullock, said: “Despite the pandemic, businesses are still committed to innovating and breaking boundaries, and R&D tax relief is one of the ways that the Government will support those projects.
“We have been working closely with clients from many different industries to file successful claims for R&D tax relief on their behalf.
“Companies we have supported have ranged from traditional engineering and IT businesses to more unusual businesses that deal with lighting design and production and children’s playground equipment design and manufacture.
“With each successful claim, we are able to enhance a business’s growth potential by accessing cash to help with further development of their business – which can be the springboard a company needs to take it to the next level.
“Ambitious businesses should not be put off innovating by the impact of the pandemic, the support through HMRC for this tax relief is invaluable and is just one of many ways that the Government continues to support businesses who are looking to make tangible advances in their field or sector.”