Find out how to access funding for research and development
A free event where small businesses can learn about claiming back up to 25 – 30% of research and development costs and gain access to grant funding, is being held at the Proact Stadium in Chesterfield, on Wednesday 9 September.
According to government research it is believed that more than £10billion of Research & Development (R&D) tax credits – one of the UK’s most generous tax reliefs – have not been claimed since they were introduced in 2000.
Mitchells Chartered Accountants and Business Advisers and The Royal Bank of Scotland (RBS) have teamed up to host the free event, which takes place from 8.30am -10am, and will give local businesses the opportunity to learn more about R&D tax relief and potential for grant funding.
Explaining the decision to host the event Andrew McDaid, Partner at Mitchells said: “Many businesses think that R&D tax relief is only available to large companies, however, it covers an abundance of costs and many small businesses are potentially missing out.
“The common misconception about R&D tax relief is that is only available to businesses that have people in white coats working in a laboratory. This is definitely not the case.
“R&D can include the development of new products or a bespoke piece of work. It’s also possible to take into consideration the costs of heating, lighting and IT costs in relation to R&D activities.”
As an example, Mitchells helped Chesterfield-based client Garrard Jones Engineering Ltd access R&D tax relief when developing new equipment for the business.
David Garrard, Managing Director of Garrard Jones Engineering, explained: “Using the R&D tax credits we have developed various equipment, including a Dinter Cutter Loader (DCL) machine to be sold to the export market. In the research and development stage we designed and built multiple prototypes. The tax credits were a way for us to claim back some of the cost of the designs and prototypes. This saving has understandably been a massive help for us and brought the business benefits which means we can invest more money in growing the company.”
Experts from Mitchells and RBS have been lined up as guest speakers. Together they will outline opportunities for local businesses and give examples of where they have secured substantial grant funding for clients. This will be an informative session, which includes refreshments, and will also provide the opportunity for local businesses to network and ask questions.
Mitchells and RBS are anticipating high demand for the R&D Tax Relief and Grant Opportunities event. To reserve your free place email Andrew McDaid at andrewmcdaid@mitchellsaccountants.co.uk
