Many companies in Lancashire and the wider North West region are missing out on millions of pounds worth of Research and Development (R&D) tax credits as they are unaware of the benefits a claim could offer and whether the relief will apply to them. So, PM+M – the chartered accountancy, business advisory and wealth management group – is staging a free event on Thursday 18th July at East Lancashire Chamber of Commerce to dispel the myths and provide practical guidance.
A common misconception is that R&D tax credits only apply to companies with a R&D department or scientists in white coats. The reality is, however, that any company which spends money trying to improve a product or service through a scientific or technological advance is likely to be eligible.
The seminar will cover a whole raft of topics including: what activities qualify as R&D and how to quantify; timelines and putting records in place to accurately record development activities as well as sector specific case studies such as software, manufacturing and engineering, food and drink.
PM+M will be joined by specialists from The Growth Company, an organisation dedicated to driving economic development and inward investment, and AMRC North West, a network of research centres offering technical support to innovative businesses. The Growth Company will summarise its ‘Made Smarter’ pilot scheme which offers advice and circa £20m of funding to support manufacturers in developing new technologies. Whilst AMRC will talk about how it offers technical support for advanced manufacturing companies looking to take new theoretical ideas from conception through to prototype, design and build.
Jon Connor – R&D tax credits manager at PM+M said – “Based on statistics published from 2016/17, over 33,000 SMEs are already claiming more than £1.8billion each year in R&D tax relief from HMRC, but thousands of eligible companies are not. That is a staggering amount of businesses that are not accessing the tax credits to grow, reinvest in further development projects or develop the skills of future innovation leaders. We’d encourage firms from across the region to come along to the seminar to find out how their business could benefit.”
Date: Thursday 18 July 2019
Location: East Lancashire Chamber of Commerce, Red Rose Court, Clayton Business Park, Clayton-le-Moors, BB5 5JR
Times: 8.00am to 10.00am
Book here via Eventbrite.