Our website uses cookies to store information on your computer. You may delete and block all cookies from this site, but parts of the site will not work as a result. Find out more about how we use cookies.
(Do not show this message again)
Shout99 - News matters for freelancers Advert
Search Shout99 - News matters for freelancers
(Advanced Search)
   Join Shout99  About Shout99   Sitemap   Contact Shout99 1st Sep 2014
Forgot your password?
Shout99 - Freelancers, FO35, Section 660
New Users Click Here
Shout99 - Freelancers, FO35, Section 660
Shout99 - Freelancers, FO35, Section 660
Front Page
News...
Freelancers' Shop...
Ask an Expert...
Letters
Direct Contracts
Press Links
Question Time
The Clubhouse
Conference Hall...
News from Partners
Accountants

Login
Sitemap

Business Links

Shout99 - Freelancers, FO35, Section 660

Freelancers' Shop

Personal Financial Services
from ContractorFinancials

Mortgages

Pensions

ISAs

Income protection

... and more special offers for Shout99 readers in the Freelancers' Shop

Shout99 - Freelancers, FO35, Section 660
  
Shout99 - Freelancers, FO35, Section 660

News for the
Construction Industry

Hardhatter.com - News for small businesses in the construction industry

Powered by
Powered by Novacaster
Advertisement
Shout99 Jobs

Low awareness of tax incentives among SMEs
by Susie Hughes at 15:27 09/01/14 (News on Business)
Small firms could be losing out on tax breaks and incentives due to a lack of awareness of what they are entitled to, according to a recent survey.
A survey by accountants Baker Tilly revealed that only 15 per cent of the SMEs surveyed knew about R&D tax credits, despite the Government launching the scheme nearly 14 years ago.

Other tax incentive schemes also appeared to have a low profile, with only eight per cent knowing about the Seed Enterprise Investment Scheme (SEIS) and four per cent aware of the Patent Box.

R&D tax credits were first introduced in 2000-2001 to encourage greater R&D investment. Since then, the available tax breaks have become more generous and HMRC has expanded the way it interprets and applies the rules in order to provide greater stimulus for innovation in the economy.

HMRC reports show that most of the R&D tax relief claimed in 2011-12 was by large companies (£780 million) rather than SMEs (£420 million).

Only one tax incentive – Capital Allowances – was recognised by more than half of respondents (55 per cent) surveyed. The survey did find however, that once businesses knew about an incentive, they tended to use it, suggesting that knowledge was the main issue, rather than perceived scheme effectiveness.

George Bull, Tax Partner at Baker Tilly, said: "The survey backs up what we already suspected, that many UK SMEs are missing out on generous R&D tax incentives. There’s clearly an issue of awareness that the Government needs to address, but SMEs also need to take responsibility for finding out about R&D and other tax breaks on offer, in order to take advantage of all opportunities to grow.

"Anecdotal evidence suggests there is a perception that R&D refers to lab-based work only, whereas a whole range of innovative measures in SMEs can be classified as R&D."

--
If you wish to comment on this article, please log in and use the Reply button below. Registering is free and easy - see 'Join Shout99'.
-
Susie Hughes © Shout99 2014

Printer Version

Mail this to a friend

Copyright 1999-2012, Shout99.com | All Rights Reserved | Legal Notice
 

Advertisements
advert
advert
advert
advert