Northern Ireland Lags Rest of UK in Claiming R&D Tax Credits
The number of businesses registered to pay VAT or PAYE tax in Northern Ireland has increased by 2.2% from 2017 to 2018.
Yet many eligible companies are not claiming R&D tax credits and a decrease has actually been observed in the number of companies claiming them. In 2018, the average claim in Northern Ireland amounted to £46,000, which was far behind the rest of the UK. Northern Ireland only accounted for around 2% of the total tax benefits claimed, receiving £55m in R&D tax credits.
The R&D tax credit aims to encourage innovative businesses who are helping to grow the economy and trying to compete with others in their field on a global scale. If your company is developing new or improved products or services, you may be eligible to claim the R&D tax offset. Many businesses are unaware of the credit, do not believe they qualify or do not feel confident with the application process. Furthermore, many companies that are claiming the credit are not claiming everything that they are entitled to.
Swanson Reed Specialist R&D Tax Advisors have processed over 1,500 R&D claims and can advise you on your company’s eligibility and guide you through the process.
Contact us now to see if you can benefit for this financial year.